Stablecoin, to put it simply, relies on everyone believing it can be exchanged back for 1. Once the reserves are opaque, the first issue that arises isn't a technical problem on the chain, but a loss of confidence: if you think others will run, you'll want to run first. Recently, theirdrop season has made task platforms anti-witchcraft and points systems as competitive as going to work, making people more likely to take "redeemable" as a default assumption, and any small disturbance can cause a collective sell-off.