Lately I've been looking into stablecoin reserves again. To be honest, de-pegging is often not an on-chain technical issue, but a panic of human sentiment collapsing first. Is transparency really useful? It is, but it only reduces the anxiety of "Am I the last one to run?" a little. When rumors start spreading, everyone still withdraws first and then talks. My biggest fear isn't losing money, but rather seeing warning signals clearly and still pretending to stay calm and unmoved. By the way, I saw in the group again complaining about miners/validators' income, MEV causing unfair ordering, retail traders' buy and sell orders being like being cut in line... Anyway, in this environment, stablecoins are more like a "trust product," not just a slogan that makes them more stable the louder it is. That's all for now; tonight I'll keep an eye on on-chain redemption data.