When stablecoins lose their peg, what's truly scary isn't just the few needles, but the panic withdrawal mentality that kicks in. On the chain, it’s like rush hour: gas prices spike, slippage widens, and in the end, you think you're "rationally reallocating," but you're actually queuing to exit. Transparency in reserves boils down to two points: visible and understandable. Just posting a report screenshot is useless; at critical moments, who redeems first and who redeems later, the market will vote with their feet. By the way, I want to criticize that recently, those on-chain data tools/tags have been called "lagging" and "potentially misleading," and I half believe it — you focus on the tags for peace of mind, but others have already changed addresses and routes. Anyway, my habit is: don’t treat stablecoins as deposits, leave some on-chain operational room, so at least you can run if something really happens. I don’t need to be understood, but I also don’t want everyone to keep stepping into the same pit.