Actually, everyone understands that stablecoin de-pegging is often not caused by any sophisticated model; it’s more because people start thinking, “What if others run first?”—and once that run mentality kicks in, it becomes a coordinated rush. The little liquidity on-chain simply can’t hold up. Then someone comes along and bundles things like RWA, U.S. Treasury yield, and various on-chain yield products into the comparison. To be blunt, I don’t object to returns—I actually care more about how transparent the reserves really are: the update frequency, the custody structure, and whether the redemption channels get clogged. Last night, I was still watching a certain stablecoin’s redemption contract and a cross-chain bridge. When the RPC flickered, my signature failed twice, and in an instant I started imagining, “What would happen if everyone hit redeem at the same time?” Forget it—my OCD is acting up. So I first switched all my commonly used nodes to backups, just to feel more at ease.