Lately I've been thinking about the de-pegging of stablecoins again. To be honest, it's often not that the chain is broken, but that people's confidence has been shaken first. As for reserve transparency, I now have a pretty "down-to-earth" requirement: you can offer lower yields, but I want to understand where your money is, how long it takes to withdraw, and who runs first in extreme situations. Now everyone is comparing RWA and on-chain yield products linked to U.S. Treasury yields. I also look at that, but the more "bank-like" it is, the more I ask: when a run actually happens, is the liquidity available for instant cash-out or do you have to queue?