The crypto community has recently been buzzing about a heartbreaking topic: what exactly is the true meaning of "stability" in stablecoins?

Industry insiders have systematically summarized the three major pain points of decentralized stablecoins, hitting the core issues point by point.

**Dollar Hegemony Has Not Yet Been Overthrown**

Currently, most stablecoins are pegged to the US dollar, which inherently carries hidden risks. Only by shifting to tracking a basket of consumer goods inflation indices can stablecoins truly escape the shadow of traditional finance. When the dollar depreciates, these stablecoins will also shrink in value.

**Oracles Have Become the Biggest Risk Source**

Many protocols rely on overly centralized data sources. A few nodes providing quotes, large capital inflows—these can easily manipulate the data. In the past two years, the number of oracle attack incidents has increased by 200%, making it a matter of life and death for many protocols. How to prevent large players from manipulating while avoiding monopolization by a few nodes is a technical challenge.

**Yields Can't Keep Up with the Temptation of Staking**

This is the most easily overlooked yet most deadly issue. Staking products now offer annualized returns of 3-5%, while most stablecoin interest-bearing products only yield 1-2%. Users are very discerning—nobody wants cheap money. To retain funds, you must offer sufficiently attractive returns.

Data shows that decentralized stablecoins account for less than 5% of the entire stablecoin market. Behind this are the unresolved issues mentioned above.

Someone asked: Everything makes sense, so what about the solutions? Are we going to wait another ten years? Achieving true decentralization of oracles is easier said than done. How to implement it effectively? These questions may require the entire ecosystem to brainstorm together.