Are stablecoins really “stable” due to de-anchoring, loopholes, regulation, and fluctuations?
Original author: @panterafii原标题: The Stablecoin Bible: Risk Metrics & Assessment Analysis Original compilation: Shenchao TechFlow has discussed stablecoins a lot, but there has been relatively little discussion about their risks, and I think this is a core topic worth in-depth discussion. It's also something I've thought about for months and finally sorted out and am willing to share. Abstract The future and past of stablecoins A comparative analysis of the main classification risk indicators of stablecoins The development status of the Solana ecosystem The future and past discussions on stablecoins are discussed here. I have focused on reviewing some important discussions and opinions on stablecoin development in the industry. Most of these discussions revolved around how decentralized finance (DeFi) can achieve global popularity through stablecoins in multiple ways. “On-chain foreign exchange is the key to global popularity” — @haonan链上外汇 (On-chain FX) can improve the efficiency of global trade settlements. It can handle cross-border payments, remittances, and conversions to local stablecoins or fiat currencies without being restricted by regulatory barriers. On-chain forex is expected to replace the current slow system and achieve instant and low-cost currency conversion. To achieve widespread adoption, on-chain forex requires a deep pool of automated market makers (AMM) that can support, for example, $11 billion in trading volumes over 30 days. At the same time, managing slippage has become a challenge, in addition to building scalable infrastructure and payment systems. The stablecoin ecosystem also needs to prioritize strong security in foreign exchange swaps. “Proxy payments enhance the user experience for small online transactions” — @hazeflow_xyzx402 is an open source internet-native payment protocol developed by Coinbase. It makes use of HTTP 402 status codes (“payment required”) to enable instant micropayments based on stablecoins such as USDC. This approach can significantly improve the user's payment experience in small online transactions. The multiple advantages of x402 autonomous operation: AI agents can independently complete payment for services, data, calculations, or tools in real time without human intervention, thus enabling economic activity between machines. Instant settlement: Transactions are confirmed and completed within seconds, with no need to worry about refunds or agreement fees, especially suitable for high-frequency micropayment scenarios. Seamless integration: Agents can attach stablecoin payments to any web request, with minimal setup, solving barriers such as API keys or intermediaries in traditional payments. Compliance and security: Built-in verification and settlement features ensure compliance with regulatory requirements while using stablecoins to maintain price stability in a volatile crypto environment. The scalability of the AI ecosystem: supports the proxy market, allows agents to trade resources independently, and promotes the growth of stablecoin infrastructure, and behind this is the support of promoters such as Coinbase or PayAI. Traditional financial institutions, such as Deutsche Bank (Deutsche Bank) and audit firms such as Deloitte (Deloitte) and EY (EY), have faced serious charges due to improper audits or money laundering issues. In addition, many politicians have also been convicted for misappropriating public funds. Blockchain-based stablecoin systems have significant advantages in reducing corruption, illegal transactions, and money laundering. Through blockchain, financial regulators can track the flow of funds, and auditors can also more clearly understand the operation of the enterprise. This transparency may also spawn new professional roles, such as wallet trackers or data analysts (such as the DUNE data analysis platform). Through more accurate capital flow analysis and data insight, new economic models and concepts may also be discovered. For me, blockchain is not only a practical revolution from an enterprise perspective; it is also a social transformation that re-establishes trust by giving the public the right to monitor the government and the elite. Blockchain's transparency and controllability will provide more visibility to the public and promote the return of fairness and trust. “The stablecoin infrastructure will become invisible” — @SuhailKakarSuhailKakar emphasized that blockchain stablecoins will gradually fade out of the public eye. For ordinary consumers, as long as the payment system is fully functional, they don't care about the technical background behind it. As an example, he explained that Telegram started out as a messaging app, then integrated the TON network, and as a result, users got...
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