Stablecoins, to put it simply, are "everyone defaults to it being 1," and when the peg loosens even slightly, a 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 in the process, the peg actually breaks... it's quite human.

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