Stablecoins, this thing, are usually called "cash equivalents," but when turbulence hits, everyone's first reaction is: run first and ask questions later. Reserve transparency is obviously important, but frankly, transparency doesn't mean you can immediately redeem; no matter how thick the reports are, they can't stop the chain reaction of a bank run mentality. Seeing a bunch of assets on-chain feels reassuring, but if the redemption channels get clogged or market-making depth thins out, de-pegging spreads like wildfire through community sentiment. Recently, the modular and DAO layer narratives have excited developers to no end, but users are left confused. I also find myself looking at proposals: the process is written beautifully, but execution details are the real minefield. Anyway, right now I'm more concerned about "how to redeem, how long it takes, who covers the worst-case scenario," and other things can wait.