#2026年比特币价格展望 The latest long article about decentralized stablecoins has been trending in the community. The core point hits the nail on the head: there are three structural issues with current stablecoin designs. Without addressing these pain points, industry risks will only accumulate.

Issue 1: The US Dollar Anchor Trap
Stablecoins have long been tethered to the US dollar, and on-chain finance still cannot escape traditional financial control. True decentralization should break out of a single currency framework and introduce consumer goods inflation indices or a basket of assets as anchors, thereby building a more independent value system.

Issue 2: Oracles are "Fragile"
Current oracles rely on a small number of validation nodes, and this centralized design is essentially a gift to large capital. As long as enough money is invested, data can be manipulated. Decentralized oracle architecture has become a lifeline—it must resist attacks and prevent new monopolies from forming. Over the past two years, oracle-related attacks have increased by 200%, and the problem is no longer just theoretical.

Issue 3: Yields Are Too Painful
Staking products can offer a stable 3-5% annualized return, while most stablecoin yield products only provide 1-2%. Users are not fools; who would hold onto low-yield stablecoins? Capital will vote with its feet, so a truly attractive return mechanism is necessary.

Data Highlights:
· Decentralized stablecoins account for only 5% of the total stablecoin market, a huge gap
· Staking yields of 3-5% vs stablecoin yields of 1-2%, a clear difference
· Oracle-related attack incidents have doubled in the past two years

By the way, what do you think? Where is the future of stablecoins headed?