The contradictions of stablecoins are becoming sharper: on one hand, they need to be 'as stable as the US dollar', and on the other hand, they need to 'earn like DeFi'. USDD 2.0 integrates over-collateralization + PSM 1:1 exchange + Smart Allocator into the same structure. The main question: when a run occurs, will the profit loop instead become a source of pressure?
The risk lies in——the narrative of profit will concentrate redemption demand at the same time.
This arises from——the configuration of Allocator and the depth of the PSM pool are both under pressure on the same liquidity chain.
I focus on one indicator——whether the PSM available depth continuously covers the short-term redemption peak.
Stablecoins are entering the 'sovereign era': those that can be frozen resemble bank deposits more, while those that cannot be frozen resemble on-chain cash more. USDD 2.0 chooses to remove the right to freeze, using over-collateralization and on-chain transparency to exchange for asset sovereignty. The main question: when regulatory and compliance requirements become stronger, is USDD's 'sovereign premium' really worth it?
The risk lies in——the stronger the sovereignty, the narrower the compliance path, and the greater the potential friction in channels.
This arises from——not being able to freeze means risks cannot be managed with a 'blacklist button'.
I focus on one indicator——whether the 1:1 exit channel for USDD remains executable under extreme market conditions.
Many people see stablecoins as a 'price problem', but USDD 2.0 is more like an 'engineering problem': CDP liquidation chains, oracle price feeds, PSM exchanges, audit coverage, any breakdown in one link will amplify the issue. The main question: on the worst day, does USDD's engineering limit hinge on liquidation or on PSM?
The risk lies in——liquidation and PSM may compress in the same direction, forming a waterfall feedback.
This arises from——a drop in collateral will simultaneously push up liquidation and redemption volumes.
I focus on one indicator——whether the collateral ratio buffer can maintain a safety margin after severe fluctuations in a single day.