I just saw someone in the group talking about a certain stablecoin "losing its peg," so I casually looked at a few large redemption transactions and fund flows on the chain. It actually looks more like emotional trading driven by sentiment: once someone jumps in first, others follow, causing liquidity to thin out, and the candlestick charts look frightening. By the way, I want to complain that many on-chain data tools and tagging systems are indeed a bit lagging; sometimes the same address is labeled as "market maker" today and "institution" tomorrow. Seeing this repeatedly can be misleading.

To put it simply, with stablecoins, transparency of reserves isn't just a "PR bonus"; it's the only anchor that can calm panic during a run. Without transparency, everyone can only guess, and guessing repeatedly can turn into self-fulfilling runs. Right now, I pay more attention to whether redemption channels are smooth, how often reserve disclosures happen, and the real on-chain pace of redemptions and minting. I treat the data from tools as a reference but won't draw conclusions solely based on tags... That's all for now.