Recently, someone has been claiming that stablecoins are "cash equivalents" again, and it makes me a bit uncomfortable... Frankly, de-pegging is often not about assets suddenly disappearing, but about everyone suddenly wanting to push the door open at the same time. As for reserve transparency, nobody pays attention during normal times, and when something really happens, those few audit screenshots can't save the sentiment. The more explanations, the more it sounds like shouting "Don't run." I personally now prefer to earn a little less and spread out my holdings, leaving some room for withdrawal both on-chain and off-chain. By the way, I’ve been looking at projects involving AI Agent automated interactions; the narratives are quite lively, but the key is who can really scrutinize the safety details. Otherwise, facing a run and contract accidents, double shocks—anyway, I don’t want to be the first to rush in.