Stablecoins, to put it simply, are a confidence game. When something really goes wrong, it's not the on-chain data you look at first, but the sentiment in the community. Don't just focus on "audit passed" when it comes to reserve transparency; I care more about the details: Can the redemption channel be closed at any time, who has the authority to change the rules, who exactly is in charge of the custodial account... Once a run-on expectation arises, even if your assets are sufficient, you might still be forced to de-peg. Recently, there’s been intense debate over compliance boundaries in privacy coins/mixing coins, but it’s actually the same logic: what everyone fears isn’t the "technology," but the possibility that a certain button could be pressed suddenly. Anyway, when I deal with stablecoins myself, I first review the upgrade permissions and freeze permissions, or I won’t sleep well.