Stablecoins, this thing, usually look like utilities like water and electricity with no presence, but as soon as there's a slight disturbance, it's all about panic withdrawals: you think you're here to exchange 1:1, but actually everyone is rushing to "get out first."

Now I see projects only claim "we have reserves" and I get lazy to believe, at least they should match on-chain addresses, custody reports, whether the redemption channels are smooth, and if the fee rates have been quietly changed (I really know how to screenshot and archive this...).

Recently, AI Agents/auto-trading are heating up again, with a bunch of scripts running on-chain interactions, the narrative is hyped up, but honestly, when it really de-anchors, I don't know if these automations are accelerators or brakes.
Anyway, I personally value transparency and exit routes more, so that when the contract isn't broken, the entry fee rate isn't secretly "updated" first.