Just took a quick look around at on-chain data, and I realized that “stablecoin reserve transparency” is the kind of thing people only remember to dig into right before every crash. Circle’s USDC treasury gets updated every day, but honestly, once the panic of a run starts to take hold, very few people end up reading that report closely. In any case, it’s always better to run first. The moment there’s even a little unusual movement on-chain, people start looking for a way out.

Recently, the whole modular blockchain and DA-layer setup has developers all fired up, but once you put it in front of the general user crowd, it’s basically “what does this have to do with me?” As for me—being lazy as I am—I’d rather keep an eye on stablecoin flows: whether the funds are going in to bottom-fish, or whether they’re just continuing to bolt. For now, that’s it.