Lately, the whole thing about stablecoin reserve transparency has made me feel more and more like it’s a psychological game. To put it plainly, everyone believes the words “transparent,” but the moment a run hits, people flee faster than anyone. Like crowd fluid mechanics, when pressure mounts, they look for cracks—no matter how pretty your audit report is. On the Layer 2 side, they argue every day about TPS and subsidies, noisy like a street market, but if liquidity really does run into trouble, can those fee advantages block panic? In any case, I’ve gotten into the habit of thinking the other way: when everyone feels confident that a certain direction is stable, the turning point might already be on its way.