Lately I've been looking at stablecoins again, and the more I look, the more I feel that de-pegging is often not "broken," but people's trust has already been compromised: everyone is shouting about reserve transparency, yet when a little wind blows, they rush to run, and bank runs are just so self-consistent. To put it simply, transparency just exposes the problem; it can't guarantee that no one will jump the gun first. Also, on-chain data tools and label systems are criticized for being laggy and potentially misleading, which I also resonate with. Some "security labels" make me sleep better, but I later found out they update slowly, almost leading me to be gently drained… At that moment, I unfollowed a few accounts, and after two days of calm, I followed one back: it's not that it suddenly became accurate, but that I understood now—tools are just flashlights, not bodyguards. Anyway, now I look at reserves first to see if they can be redeemed at any time, who is backing them, and not to overly trust pretty reports.