I just saw in the group that a senior member shared a screenshot of “stablecoin depegging,” with the caption “USDT is about to have big news.” There were dozens of cries underneath… In fact, this is simply a reserves data incident caused by a small project on a certain blockchain—it has nothing to do with Big Mac ETF fund flows. Supply fluctuations and inflows of over-the-counter capital may look convincing in terms of correlation, but the causal link chain often breaks at some detail in the middle. I usually focus on DEX liquidity; what I care about more is whether the reserve audit report includes the on-chain contract address—depegging rumors often start from something like “the audit wasn’t released on time.” For now, I’m going to compare the hashes of the last few audit reports so I don’t end up spreading nonsense too.