Lately I've been paying attention to stablecoins again, and the more I look at it, the more I think that de-pegging isn't just a bookkeeping issue; it's more about the psychology during a run: if you think others will run, you'll run first. After all, on-chain transactions settle by the second, and emotions are much faster than reserve reports. Transparency of reserves is of course important, but honestly, transparency just reduces the space for the "what if it suddenly disappears" imagination. Some people interpret large on-chain transfers and unusual activity in exchange hot and cold wallets as "smart money," and I do watch that, but what I care more about is: will this spark people's imagination and then amplify small fluctuations into a panic... It's pretty annoying.