Recently, someone was talking about stablecoin de-pegging again.

My first reaction wasn't "Is it going to collapse," but rather whether the reserves dare to openly show the details to the public.
Honestly, a bank run is often not because there aren't enough assets, but because everyone loses confidence at the same time.
On-chain/off-chain congestion causes emotions to snowball on its own.

By the way, I want to complain that now, whenever ETF capital flows or U.S. stock risk appetite fluctuates, some people forcefully lump all crypto price movements into the same narrative to explain... Fine, macro factors obviously have influence, but when it comes to de-pegging, the most critical issue is whether you can redeem immediately.
If you're playing with stablecoins, don't just focus on 1.00.
Occasionally check their transparency, redemption channels, and who is taking the risk in the worst-case scenario.
I’d rather earn a little less than wake up in the middle of the night to a bank run noise.