Stablecoins like USDT and USDC are the lifeline of the cryptocurrency market; they are designed to maintain a value of 1 US dollar, providing a safe haven for investors.
⚠️ Breakdown Point (Risks)
Failure of UST/Terra: The biggest evidence that stability is not guaranteed. The collapse of the algorithmic currency (which relies on code without reserves) wiped out billions of dollars and proved that the 'death spiral' is real.
Ambiguity of reserves: Major stablecoins backed by assets (like Tether/USDT) face ongoing challenges regarding the transparency of their reserves. Are the billions issued actually backed by real cash or high-risk assets? This is the question that threatens trust.
⚖️ The future and regulation
The collapse of trust has prompted regulators to intervene. The trend now is towards:
Mandatory transparency: Demanding stablecoin issuers to disclose their reserves clearly and regularly.
The rise of CBDCs: Central banks are considering issuing their own digital currencies (CBDCs), which will be fully backed by the government, to be a safe and regulated alternative.
🏛️ Conclusion: Between the need for stability and the necessity of vigilance
In conclusion, stablecoins remain an indispensable element of the infrastructure for decentralized finance (DeFi) and the broader digital economy. They offer a vital promise of liquidity and rapid transfer away from wild market volatility.
However, the lessons learned from recent collapses are clear: stability in the crypto world is not an assumption, but a mechanism that must be continually verified for its robustness.
In the future, the fate of stablecoins will be determined by two parallel paths:
Regulation and transparency: The extent to which regulators have succeeded in imposing strict rules on the quality of reserves.
Responsible innovation: The market's ability to develop stronger and more flexible assurance mechanisms to avoid catastrophic "death spirals."
The investor must remain cautious and aware, remembering that trust is the most valuable currency in this field, and it must be earned through absolute transparency, not just promises.
