Stablecoins are essentially a combination of "confidence + run mentality," to put it simply. They are usually used as cash in everyday life, but when something happens, everyone runs faster than anyone else. Don't hype up the reserve transparency too much; I'm most afraid of those "have audits but don't show you the details," like holding meetings where only PowerPoint slides are shown and the original spreadsheets are not available... I say I understand in words, but my hands are already reducing my positions. Recently, there's been talk about interest rate cut expectations, the US dollar index, and risk assets bouncing along with them. It looks quite lively, but I'm more concerned about: when the wind shifts, who will be the first to be run on? Anyway, I only dare to hold those whose redemption paths are clearly explained, so I don't wake up in the middle of the night wondering "who's actually backing this."