Lately, I've been paying attention to the on-chain flow of stablecoins. To put it simply, the de-pegging issue is often not due to "insufficient assets," but rather because everyone suddenly loses confidence at the same time. The panic to withdraw kicks in, and the redemption queue is more frightening than the reserve report. Transparency is of course important, but those that update only once every few days and have a bunch of vague items make people nervous... The bridge side is even more sensitive. With more cross-chain activity, as soon as a rumor starts on any chain, liquidity seems to be drained away.

By the way, it reminded me of the economic collapse points in blockchain games: inflation + studio-generated output, where once the token price dips, players start to "sell first and ask questions later." The panic contagion in stablecoins is actually similar in flavor. Anyway, I now prefer to take it slow, look more carefully at the redemption mechanisms and reserve disclosures, be less lucky, and keep observing.