These days, I've been reviewing the disclosure of stablecoin reserves again, and the more I look, the more I feel that de-pegging is often not due to "insufficient funds," but rather psychological panic beforehand: when you can't see, can't understand, and updates are slow, people will default to thinking others will run first. I also subconsciously treat redemption channels and on-chain inflows and outflows as emotional thermometers. Conversely, those with clean and straightforward transparency, even if there are short-term noises, people are more willing to wait for them to self-correct. By the way, recently, the layered yields from staking/sharing security have been criticized as "pyramid schemes," which doesn't surprise me. The more the yields seem like free gains, the easier it is to trigger similar panic withdrawals. There's also a reminder to myself: I mistake simplicity for a trap—when I hear "stable," "risk-free," "withdraw anytime," I tend to cut my position in half first.