Last night, I got itchy again and threw some screenshots of stablecoin "reserve disclosures" into a spreadsheet for comparison.

Halfway through listing, I started to get tangled: some update frequently but are very vague, some reports are as thick as bricks but are released too infrequently...
As I kept looking, I suddenly thought, when the de-pegging really happens, who will still go through all these PDFs?
Everyone’s first reaction is still to run first and ask questions later.
In essence, a run is just emotional contagion.

Now I care more about two points:
First, whether it can be verified at any time (on-chain assets, custodial accounts, audit pace—don’t drag it out).
Second, whether the redemption channels are smooth—don’t just look good under "normal circumstances."
Recently, the NFT royalty debate has also been quite intense; creators want stable income, but the secondary market finds it not liquid enough...
It’s actually the same flavor as stablecoins: during normal times, talking about rules and consensus; when liquidity tightens, everyone only trusts “can I immediately exchange back for the money I recognize.”
For now, that’s all. The spreadsheet isn’t finished yet.