Running on the chain at night and seeing someone talking about stablecoin de-pegging, honestly what I fear most isn't losing money, but losing control—price fluctuations can be tolerated, but sudden withdrawals or on-chain bank runs are truly deadly. As for reserve transparency, everyone usually pretends to be calm, but as soon as there's a slight disturbance, people start watching each other to see who runs first, and the more they watch, the more anxious they get. Recently, people also keep linking ETF capital flows, US stock market risk appetite, and crypto market rises and falls, which sounds lively, but when something really happens, you'll find that in the end, it's still about whether "I believe it can be redeemed." Anyway, I don't dare to go all-in on stablecoins now, spreading out some and keeping some Gas ready, at least to avoid getting stuck when the mainnet suddenly becomes ridiculously expensive.