In fact, everyone understands that the de-pegging of stablecoins is often not due to complex models, but more because "everyone starts to suspect that others will run first," leading to a bank run mentality. The on-chain liquidity simply can't withstand it. Then some people compare RWA, U.S. Treasury yields, and various on-chain yield products together. To be honest, I don't oppose yields; I care more about how transparent the reserves are: update frequency, custodial structure, whether redemption channels are blocked. Last night, I was still monitoring a certain stablecoin's redemption contract and cross-chain bridge. When an RPC shake caused two signature failures, I immediately started imagining "what if everyone tried to redeem at the same time"... Forget it, I have OCD. I first switch all commonly used nodes to backup options to feel more at ease.