These days I've been looking at stablecoin reserve disclosures again. Honestly, I'm not afraid of its "short-term fluctuations," what I worry about is that you don't really know what’s backing it: is it a bunch of hard-to-sell notes, are there separate accounts, is the redemption window clogged, how often is it updated? When a run actually happens, the market isn't rationally calculating, it's a mindset of "if others run, I have to run too," and de-pegging often spirals from there.

By the way, I saw that the main public blockchain is about to upgrade/maintain, and the group is starting to speculate whether the ecosystem will move. My first reaction was: what about the stablecoins and cross-chain tokens on the bridge? Will their price feeds start acting up? If the chain stops or quote delays happen, even if there are no bugs in the contracts, they can still be broken.

Recently, I also followed a project that claimed to be "highly transparent," but then I found their disclosures were very diligent, yet the key points were all vague words... I quietly unfollowed, feeling like I was tricked by the "amount of information." That's enough for now; being cautious never hurts.