Recently, I've been looking at stablecoin reserve disclosures again. Frankly, what I care about more is not whether there is enough, but whether I can see and access it when I need it most. De-pegging often isn't because the assets are bad first, but because people panic first: hearing about tax hikes, compliance tightening (or sudden loosening), and changing deposit and withdrawal expectations, everyone's first reaction is to withdraw first. Bank runs are a psychological contagion.

Now I personally prefer to accept lower returns, but I will split my positions and keep some on-chain/off-chain liquidity to avoid getting stuck at the door when the storm really hits. My biggest fear isn't slowness, but chaos—slow can still be adjusted according to plan, but when it gets chaotic, you can't even find an exit to press the button. For now, just remember not to take "stability" as forever stable.