Lately, I've been paying attention to the flow of stablecoins, and on the surface, everything seems quite stable. But once someone starts asking "Where are the reserves stored, who is auditing," that kind of bank run sentiment really spreads like wind on the water, rippling outward. Honestly, transparency isn't just for regulators to see; it's more like giving the market a reason to stay calm. Otherwise, everyone wants to be the first to run.

There's also another thing that's quite annoying: many on-chain data tools and tagging systems are criticized for being outdated or even misleading. I've also fallen into this trap myself—at first glance, it looks like institutions are withdrawing, only to later find out that the addresses have just been rebranded... Anyway, the more I look at it, the more I feel that whether an asset stays anchored sometimes isn't a matter of the asset itself but a matter of confidence. For now, that's it. No more adding to positions tonight. My hand's a bit itchy, but I’ll hold back.