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Home web3.0 Are stablecoins really stable? Possible crash risk analysis

Are stablecoins really stable? Possible crash risk analysis

Jul 17, 2025 pm 09:03 PM
Blockchain ai binance cryptocurrency gemini Stablecoin Stablecoin trading US What is a stablecoin Mainstream stablecoins Stablecoin usdc

Stablecoins are not absolutely stable against the background of extreme market conditions and opaque projects. 1. USDT has risks due to opaque reserves; 2. USDC is regulated and has high transparency; 3. DAI relies on encrypted collateral, and the mechanism is relatively stable; 4. BUSD is gradually removed from the shelves due to policy pressure; 5. USDN has deaned the anchor to warn of market risks. In addition, mainstream trading platforms such as Binance, Ouyi OKX, and Gate.io support a variety of stablecoin transactions. Risk dimensions include unknown asset reserves, regulatory pressure, technical defects, insufficient liquidity and credit issues. Historical events such as UST, USDT and USDN deans have caused market turmoil. It is recommended to give priority to stablecoins with high transparency and clear supervision, diversify their allocation and pay attention to platform dynamics to reduce risks.

Are stablecoins really stable? Possible crash risk analysis - php Chinese

1. The top ten mainstream stablecoins and their characteristics
  1. USDT (Tether) : The largest circulation, the issuer is Tether Limited, anchored to the US dollar, and is widely used in major trading platforms.
  2. USDC : Supported by Circle and Coinbase, it is highly regulated and has relatively good transparency.
  3. DAI : The decentralized stablecoin issued by MakerDAO, anchored to the US dollar, supported by collateralized crypto assets.
  4. BUSD : Binance launched, with strong regulatory compliance, but gradually removed from the shelves due to SEC pressure.
  5. TUSD : TrueUSD, with high transparency, and the custodian issues certificates regularly.
  6. FDUSD : Emerging stablecoin, launched by Hong Kong fintech companies, has seen a recent increase in trading volume in Binance.
  7. USDP : Paxos issuance, regulated by the New York Financial Services Bureau, with high trust.
  8. GUSD : Gemini launched, with audit report support, suitable for compliance trading scenarios.
  9. EURC : Circle's euro stablecoin is suitable for trading in European markets.
  10. USDN (deanned) : Waves Eco-issued, severely deanned in 2022, warning of market risks.

2. Recommended entrances for mainstream trading platforms

  1. Ouyi OK : Provides USDT, USDC, DAI and other trading pairs, supporting leverage and derivative trading.
  2. Binance : The world has the largest number of users, supports a variety of stablecoins, and has high real-time transaction volume.
  3. Huobi HTX : an old platform with sufficient liquidity and is suitable for medium and long-term user configuration.
  4. Gate.io gate : supports diversified assets, suitable for trying new stablecoins such as FDUSD and TUSD.

Are stablecoins really stable? Possible crash risk analysis - php Chinese

3. Possible collapse risk analysis dimensions

  1. Asset reserves are opaque : For example, Tether has not disclosed the details of reserves for a long time, which has aroused investors' doubts.
  2. Regulatory pressure : BUSD was forced to stop issuance due to pressure from US regulators, and its market value shrank significantly.
  3. Defects in technical mechanism design : For example, USDN relies on the Waves ecosystem, systemic risks lead to deaning.
  4. Inadequate market liquidity : In extreme market conditions, a large number of users may redeem at the same time may cause a run.
  5. Credit risk : If the stablecoin issuing parties face bankruptcy or fraud, it will directly affect the stability of the currency value.

4. Review of historical anchor dean events

  1. UST collapse in May 2022 : Terra Ecological LUNA coin plummeted, UST stability mechanism failed, causing losses of tens of billions of dollars.
  2. USDT short-term dean in 2022 : It fell to $0.94 in a market panic, causing concerns about its reserve assets.
  3. USDN dean : The price deviates from $1 multiple times and is eventually removed from the shelves by multiple exchanges.

Are stablecoins really stable? Possible crash risk analysis - php Chinese

5. Editor's advice

  1. Priority is given to stablecoins with high transparency and clear supervision , such as USDC, DAI, etc.
  2. Pay attention to market trends and issuer announcements to avoid projects that are more affected by policies or capital flows.
  3. Distribute the types of stable currency to avoid capital losses due to deanstation of a single currency.
  4. Regularly review trading platform announcements , such as Binance, Ouyi OKX, and Gate.io's notices on stablecoin support and changes.

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