These days, someone is again watching large on-chain transfers and hot and cold wallets of exchanges, shouting "smart money" at every move. I find it a bit amusing... When the stablecoin finally de-pegs, no one will care who transferred what; the first thing that matters is who can run faster. Basically, a run is just an emotional stampede: people usually say reserves are transparent and there are plenty of audit reports, but when it comes to redemption, you realize that "transparency" doesn't necessarily mean "immediate exchange." My current attitude toward stablecoins is: don't chase the hot trend, first see if it's hot or not, diversify a bit, keep some on-chain and off-chain channels, and don't pin your sense of security on a single announcement. Do you think I'm overthinking? Maybe, but the market loves to teach you a lesson when you find it troublesome.