Stablecoin reserves, put simply, are “if you believe, it works; if you don’t, it collapses.” Look at those publicly audited reports—people love to say things like “cash and equivalents cover 101%,” but when the market so much as gets a whiff of trouble, it’s still the same story: a run on the reserves. It’s not that people don’t care about your data being pretty—they just care whether the person next to them is going to run first. When a certain region just raised taxes, I saw a bunch of people in my circle start asking whether USDT can be instantly redeemed. In plain terms, the psychological line of defense is even more fragile than the protocol code. (I just skimmed a think-tank report and realized I’m still too young.) I used to think depegging was purely a liquidity problem, but now it looks more like a social experiment: reserve transparency can only fool robots—when real people start redeeming, it all comes down to who yells the loudest.