Are stablecoins really "stable," or are we all just pretending they're stable?

Right now, I believe one thing more: that de-pegging is often not because the asset itself is failing, but because of people's panic withdrawals.
Transparency in reserves is essentially a way to give you a handle during panic—something visible and verifiable.
Even if it's not perfect, it's better than just trusting "trust me."
On the other hand, as soon as information gets a bit murky, small stories start circulating on and off the chain, and the withdrawal button can turn into a stampede switch.
Recently, before and after major public chain upgrades/maintenance, everyone guesses whether the ecosystem will migrate, and I can understand this anxiety.
The more uncertain it is, the easier it is to treat stablecoins as an escape hatch, and then the door gets blocked.
My approach is pretty boring: diversify holdings, keep some on-chain liquidity, and if possible, self-custody—just to avoid trouble, because the goal is simple—don't lose your coins.