These days, while drinking tea and reviewing stablecoin reserve disclosures, I keep thinking: de-pegging is often not about "insufficient assets," but rather "everyone suddenly loses confidence." You normally think 1=1 is very natural, but once social media starts spreading rumors, the run button is pressed faster than rationality, and as the on-chain redemption queue lengthens, the price first collapses. The project team's performance of "we are very transparent" is also quite skilled; sending out reports frequently doesn't mean you understand them, let alone be able to withdraw at any time.

By the way, I saw someone criticizing miners/validators' income, MEV, and unfair ordering again. Honestly, this kind of "queue jumping" experience is even more intense during stablecoin runs—it's still about escaping, but whoever gets caught in the middle has a total breakdown. Anyway, I now have a bit of an allergy to the phrase "zero-risk stability," and I'd rather go through some trouble to keep a backup plan.