Recently, I've been looking at the reserve disclosures of several stablecoins again, and honestly, it's all about transparency or lack thereof. The difference isn't significant during normal times, but when the storm clouds gather, it's all psychological warfare: you think others will run first, so you want to run first too, and then a bank run actually happens. On-chain, it looks like liquidity suddenly thins out, especially on the bridge side; crossing over, you find that the pools available for exchange lack depth, and people get stuck.

Recently, new L1/L2s have been issuing incentives to boost TVL, and I understand the complaints from veteran users about "mining, selling, and dumping." Short-term money flows in and out quickly, and stablecoins are more easily used as arbitrage tools, with even small fluctuations amplified. Forget it, to put it plainly: don't just look at "how much reserve there is," but also consider "whether it can be immediately redeemed in the worst case, and who will backstop it." I'm now basically taking my time to leave, willing to wait for two more confirmations, rather than queue on the bridge watching others run first.