Recently, people have been discussing whether stablecoins will lose their peg again. To put it simply, often it's not on-chain issues, but people's confidence being shaken first: everyone rushes to redeem en masse, questioning where the reserves are stored and whether they can be liquidated at any time. Transparency becomes especially critical at this point. I see some new L1/L2 projects are starting to offer incentives to boost TVL, and longtime users complain about "mining, selling, and dumping." I can understand that—when short-term profits are high, people tend to run faster at the slightest disturbance. Anyway, right now I don’t just look at stablecoins’ market cap; I pay more attention to how often reserve disclosures happen, the asset composition, and the rhythm of on-chain redemption and minting… Feeling a bit cautious but more grounded—better to stay steady for now.