These days, I saw someone talking about stablecoin de-pegging again.

My first reaction was actually quite slow: Huh? Here we go again?
It wasn't until later that I realized, whether or not it de-pegs is often not about technology, but about panic runs.
When everyone starts rushing to "redeem," even if the reserves are truly there, they can be squeezed to the point of chaos.
Honestly, I'm now more concerned about transparency—don't just give me a "trust me" report.
Can you clearly explain where the reserves are stored and how often they are audited?

And that rumor about increased taxes or tighter compliance in certain regions, I was also a bit slow to react.
It was only after discussions in the group about whether deposit and withdrawal processes would become more complicated that I realized:
So this can also affect people's confidence and expectations in stablecoins...
Anyway, I don't want to be a whale, so I split my holdings into smaller parts,
spread them across several places, keep some on-chain that I can use directly, and sleep a bit easier.