Recently, when talking about stablecoins, people have started discussing de-pegging again. To put it simply, many times it's not that the assets are truly insufficient, but that everyone is "afraid" together, which causes a rush, and the more they rush, the more it seems like a real problem. The transparency of reserves is also quite mysterious: reports look very complete, but once market sentiment shifts, the first thing to collapse is often confidence, not the numbers... I now prefer to slow down a bit, chase less after hype, and focus more on on-chain redemptions and inflows/outflows. When I see anomalies, I first reduce risk. By the way, the recent criticism of the "compound yield" model of staking/sharing security is also similar—more layers mean more reliance on collective belief, and when a stampede really happens, no one can run fast enough. Being a step slow isn't a bad thing; at least it allows you to see clearly what you're afraid of.