These days, I've been reviewing the disclosure of stablecoin reserves again. To be honest, transparency isn't just about "having a report," but about whether you can verify on-chain, custodial, and audit data within one minute when you're panicking. The most terrifying thing about a run isn't bad debts, but everyone starting to imagine: "If others run first, I have to run too..." I've been impulsive about this before, but then I realized I was mistaking simplicity for a trap—thinking "stability = no need to check" is the most harmful phrase. I casually wrote a small script to monitor a few redemption/minting anomalies. It's nothing fancy, but at least I have a sense of what's going on. By the way, I also looked at the NFT royalty debate, which is getting heated. Creators want income, the market wants liquidity, and when emotions run high, it's the same: confidence dips a bit, and orders start to run. Anyway, I now prefer to look at data a couple of times more and listen to a couple of less "it's fine" comments.