Recently, someone asked me again, "Will stablecoins suddenly lose their peg?"

Honestly, this depends partly on whether the reserves are transparent or not, and partly on whether people are panicking.
No matter how beautiful the reserve reports are written, when a run happens, everyone's withdrawal speed is much faster than the audit…
Now I care more about whether the redemption channels are smooth, and whether large on-chain inflows and outflows suddenly become dense.
In some regions, increased taxes and tighter compliance cause deposit and withdrawal expectations to change, and the first to shake are emotions, not prices.
Be more cautious, don’t treat "cash equivalents" as "always worth one dollar,"
Anyway, I’m still slowly adding positions to earn fees, but I diversify my holdings and keep some room to retreat.