The past couple of days, everyone has been talking again about whether stablecoins will lose their peg. Honestly, it's not just about "reserves enough or not," but more about the panic during a run: you think you're just exchanging U, but others think the same, and on-chain redemption queues get long, causing the price gap to start scaring itself. Reserve transparency is also quite mysterious; no matter how beautiful the report is written, if the redemption channels are slow or on-chain data doesn't match, the market will immediately vote with their feet.

By the way, I want to complain that the current testnet incentives are like opening blind boxes—points are flying up, everyone talks about the experience, but secretly they're all wondering if the mainnet will issue tokens... Once this expectation gets ahead of itself, even the word "stable" starts to seem a bit ironic.
Anyway, when I look at stablecoins now, I first check whether they can be redeemed/exchanged quickly and whether the on-chain assets match the custodial addresses; otherwise, no matter how stable they claim to be, it will only last for a while.