These days I've been looking at stablecoin reserve disclosures again, and the more I look, the more I feel that what these things fear most isn't losing money, but losing control—losing money can be accepted, but a bank run with everyone panicking at once is something that can't be sustained by "faith." Usually, seeing a 1:1 ratio seems very stable, but once someone starts to doubt, and on-chain transfers and withdrawals from exchanges accelerate, emotions run much faster than the data. Reserve transparency, to put it simply, is just giving everyone a reason to say "don't panic," but it's only a temporary relief; when real trouble comes, everyone will still prioritize escaping themselves first. By the way, I want to complain that Layer 2s are always arguing about TPS, fees, and subsidies, but when the underlying trust is shaken, no one can pretend they're unaffected... I'm still the same as before, staying quiet for now, and deciding whether to chase after the hype once things settle down.