These past couple of days, watching the stablecoin pools has made my eyes hurt... Whenever there's a slight disturbance, the DEX depth first thins out, slippage first increases, and everyone is shouting "stability" while queueing up to withdraw. As for reserve transparency, honestly, it's not about how many PDF pages you publish, but whether people can believe in "redeemable at any time" when it really matters. Otherwise, once a bank run psychology kicks in, the peg is just paper. By the way, I also saw that the funding rate is extremely volatile, and in the group, people are arguing whether to reverse or keep pumping the bubble. I, for one, am more like observing the crowd's breathing rhythm rather than trying to guess how the next candlestick will move. For now, let's leave it at that—don't treat "stability" as a immunity card.