Recently, there has been another disclosure of stablecoin reserves. To put it simply, transparency is something no one usually pays attention to; only when there's a disturbance do people start to run on the bank. On-chain transfers are like queuing for bubble tea... The more panicked, the more they run, and in the end, the peg really breaks. Actually, when I look at projects now, I don't care much about how "stable" their slogans are; I want to see: where are the assets stored, how often are they updated, how do they handle large redemptions, and whether I can verify it at a glance in the browser. By the way, I also want to vent that recently retail investors have been criticizing validators/MEV ordering as unfair, which resonates quite a bit: with the same "confidence," if you feel like you're always at the back of the line, you're more prone to panic button presses. Anyway, I diversify my holdings, keep some on-chain liquidity as a life raft—no pretenses, just admit it.