These days, I've been looking at stablecoin reserve disclosures again. Honestly, transparency is something people usually don't care about; once the market gets tense and a bank run starts, it's like queuing up to buy salt. Having experienced rollbacks and chain halts, I really don't trust "verbal promises" anymore; I trust the confirmed numbers and whether I can redeem at any time.

Thinking about it later, it's quite funny—everyone studies on-chain finality every day, but when panic sets in, they instead fixate on a screenshot of a webpage as their belief.
Recently, new L1/L2s have started offering incentives to boost TVL. Old users complain about "mining, selling," which I can also understand: liquidity comes quickly and leaves just as fast, and the first to be hit are often the ones that seem the most stable. Anyway, I now prefer to take it slow, watch several rounds of redemption data and on-chain flows, rather than discovering too late that "stability" is just an emotional temporary holding tank.