Lately, discussions about stablecoins have heated up again. As for de-pegging, honestly, it's often not that "the assets are truly gone," but that everyone wants to leave at the same time, causing the exit to get blocked. Transparency of reserves is quite critical at this moment: no matter how beautiful the reports look, people need to feel that they can redeem at any time and that redemption is possible, or even a small rumor can trigger a run on the bank.

By the way, looking at the on-chain block data, the income fluctuations for miners/validators are also quite obvious. The debate over who gets to do MEV front-running and ordering first, and why retail investors criticize it—"what's the reason"—is common. Actually, during a stablecoin run, topics like fairness in ordering become even more sensitive: the more you feel you're at the back of the line, the more you want to jump the queue early, ultimately causing the system to collapse together... I’ll brew a cup of tea first and keep watching the show.