Just looking at some stablecoin reserve reports—honestly, the “cash and cash equivalents” column in those audit pages looks pretty flashy. No matter how intricate the combinations are, once a redemption panic hits psychologically, who cares whether your underlying is government bonds or reverse repos… At least, every time I see extreme funding rates, I’m thinking “should I buy the dip,” and then I get impatient and go check on-chain reserve proofs. Spending an extra ten minutes staring at the Merkle tree for the addresses is more reliable than listening to people in group chats saying it’s safe and sound. I don’t know if I’m overthinking it, but with security, a bit more patience is better than slapping your own thigh after the fact.