Stablecoins, to put it simply, are "everyone defaults to them as 1," and when the peg loosens even slightly, a mutual stampede begins. The less transparent the reserves are like a black box, the easier it is for panic to be amplified: you may not really worry about not being able to redeem, but you're afraid others will run first, so you run too, and as you run, the peg actually breaks... it's quite human.

Recently, the group has been discussing staking unlocks, token unlock calendars, and a wave of redemption anxiety. Actually, many times it's not the data that is frightening, but everyone needs a reason to rationalize "I want to withdraw." Anyway, when I see "absolutely safe" or "redeemable at any time," I automatically add a parenthesis: when others are calm.