The collapse of the $14 billion stablecoin

This Chinese text **discusses the fragility of stablecoins** in the cryptocurrency space, specifically **regarding the recent "unanchored" collapse event** experienced by USDe, the world's third largest stablecoin. The article compared this event to the bursting of the "Tulip Bubble" in history, analyzed in detail the operating mechanism of USDe as a "decentralized synthetic dollar", and pointed out that its high yield and algorithmic model relying on derivatives hedging were the fundamental reasons for its de-anchoring. The author uses historical analogies (such as the collapse of the gold standard and the Bretton Woods system) to question the inherent stability of all stablecoins, emphasizing that whether they are centralized or decentralized stablecoins, their ultimate anchor is market confidence and trust, rather than simple asset reserves or algorithms. Finally, the article raises the "three major questions" about the credibility of stablecoin reserves, regulatory risks, and triggering systemic crises.