Stablecoins Are Not All Stable in the Same Way
USDC fell to $0.87 in March 2023 despite full reserves and regular audits. The word “stable” hides four fundamentally different mechanisms, each with its own failure mode.
USDC fell to $0.87 in March 2023 despite full reserves and regular audits. The word “stable” hides four fundamentally different mechanisms, each with its own failure mode.