Recently, I saw someone discuss whether stablecoins will lose their peg, and honestly, there are two things I care more about: whether reserves are truly transparent and whether everyone will panic together during a bank run. Usually, it looks stable with 1=1, but when liquidity is drained and on-chain redemptions are queuing up, emotions move much faster than official announcements. Recently, there's been debate about interest rate cut expectations and the US dollar index moving up and down with risk assets. My feeling is: the more these narratives switch back and forth, the easier it is to treat "cash substitutes" as safe havens, and when crowded, problems happen. Anyway, I only do actions that can be verified: more review of audit/trust disclosures, breaking down the amounts, and not treating all exchange balances as "equivalent USD." Staring at these tables and on-chain records for a long time makes my eyes a bit sore, so I need to take a break.