V God’s recent remarks have stirred up a storm in the community. He pointed out three major issues with current decentralized stablecoins; if not addressed, their prospects are bleak.

**Over-reliance on the US dollar**
On-chain stablecoins are still tethered to the dollar, which V God considers a dead end. Instead of always following traditional finance, it’s better to explore more flexible anchoring mechanisms—such as pegging to a basket of consumer goods inflation indices—only then can they truly operate independently.

**Centralization trap of oracles**
This is an easily overlooked risk. Many protocol oracles are too fragile; large capital inflows can easily cause problems. With only a few nodes providing quotes, the risk of data manipulation is high. To make stablecoins truly reliable, decentralized oracle architectures must be improved—resisting attacks while preventing new monopolies of power.

**Yield rates versus staking**
This is the most practical issue. Users are well aware: staking can yield 3-5% annually, but most stablecoin interest products only offer 1-2%, a clear gap. Without competitive returns, user choices are simple—vote with their feet.

Looking at key data, the current total market cap of decentralized stablecoins accounts for only about 5% of the entire stablecoin market, and oracle attack incidents have increased by 200% in the past two years, making them the most vulnerable point of protocols.

"All the problems are pointed out, so what are the solutions?" This is the most common question in the comment section. Decentralized oracles sound good, but how to design them in practice, who is responsible, and how to control costs—these are all unresolved challenges.

What’s your view? Where should stablecoins go in the future, or is the current structure already set in stone and unchangeable?