It was only at the last minute that I looked into the reserve disclosures of stablecoins. The more I read, the more it feels like checking accounts in a neighborhood residents' group: everyone usually says "it's pretty stable," but as soon as someone shouts "something might be off," everyone immediately queues up to withdraw. Even if it’s proven later that there’s nothing wrong, the panic to withdraw has already stirred up the water. To put it plainly, de-pegging is often not a math problem, but an emotional one: do you believe others believe? Regarding reserve transparency, no matter how frequently the reports are issued, if people can’t understand them, can’t verify, or if explanations keep dodging the issue, panic will grow on its own. Recently, Layer 2 projects are still arguing about TPS, fees, and subsidies. As I watch and think: no matter how fast the chain is, encountering human nature that says "I’ll run first" will still cause congestion during rush hour… and then some.