It's midnight again, reading audit reports until my eyes hurt, and my neck is a bit stiff... The more I look at stablecoins, the more I feel that de-pegging is often not "broken," but more like a surge of panic withdrawal: where are the reserves actually stored, can they be redeemed at any time, and just one day of delayed information can easily lead people to imagine the worst-case scenarios. To put it simply, transparency isn't an added bonus; it's a tourniquet. Recently, hardware wallets have been out of stock, and phishing links are everywhere. People’s security awareness has improved, but don’t just defend against external threats—it's also wise to check what’s really behind the stablecoins in your hands. Better to take it slow and avoid falling into traps.