Seeing someone say "Stablecoins aren't banks, where would a bank run come from"… I actually think that mindset is more like it. Usually, no one bothers to look at reserve reports, but once social media starts flashing "there might be a hole," no matter how transparent it is, it will be seen as a cover-up, and those who run first always get the advantage, while later it turns into a stampede. To put it plainly, de-pegging doesn't necessarily mean the assets are truly gone; sometimes it's just that everyone suddenly wants to cash out the phrase "redeemable at any time."

Recently, when the yield stacking from pledge/sharing security was criticized as "Ponzi," I can also understand it as the same kind of emotion: a structure that looks smooth on the surface, but when faced with a stress test, everyone will first suspect the longest chain link. Anyway, I don't predict; I just note the on-chain redemption depth and the speed of capital backflow, and wait until the storm passes to see who was talking sense. That line of yours, "As long as reserves are sufficient, de-pegging won't happen"… don't be in such a hurry.