I'm not very good at telling grand narratives, but I really care about stablecoins: usually people think of them as "digital cash," but when there's a little turbulence, the de-pegging often isn't due to technical failure, but people panicking first. When a run-on occurs, the on-chain redemption/exchange process is just like queuing for the subway. Transparency of reserves, frankly, is just giving people a reference for "should I run or not," and when it's opaque, rumors are most likely to set the pace. Recently, hardware wallets are out of stock, and phishing links are everywhere, which shows that everyone's security awareness has improved, but it's also quite ironic: the more nervous people are, the easier it is to make mistakes. Anyway, I try to diversify storage as much as possible, and if I need to exchange, I choose off-peak times to do it slowly—don't rush during the busiest moments with emotions running high.