Recently, someone else was talking about stablecoin de-pegging.

My first reaction isn't "Will it go back," but rather, how transparent are the reserves: who is holding them, how often are audits, and in the case of large redemptions, is the process smooth or stuck.
To put it simply, bank runs are often not because assets are truly insufficient, but because people lack confidence. When they see others fleeing, they also hit the buttons, and on-chain transfers are quick, so emotions can be more intense than waiting in line at a bank.

I'm just someone who has managed a treasury in a DAO, and the biggest fear is when permissions go wild and information asymmetry stacks up.
Stablecoins are like air most of the time; only when something goes wrong do we realize that whether they can be exchanged back at any time is the real benchmark.
By the way, the current testnet incentives and point expectations are quite similar—everyone is guessing whether the mainnet will issue tokens...
Once expectations fall short, a panic can happen in an instant.
Anyway, I now pay more attention to clear rules and complete data; otherwise, I’d rather interact less.