People who focus solely on incremental gains often overlook a bigger issue—when the principal starts to wobble, returns become fleeting clouds.

What happens if a stablecoin loses its peg? Many people's first reaction is trading, but in reality, the first reaction should be "escape." History has already given us answers through several classic events.

Let's start with the story of UST. Initially, it was just a slight de-pegging, and everyone said it would return to $1 soon. Later, it was realized that $1 was just an ideal, and eventually, it completely collapsed. Looking at USDC during the bank turmoil— the problem wasn't with the model design but with issues on the real-world side. At that time, the market truly realized a problem: the security of stablecoins also depends on the face of traditional financial institutions. The logic behind FTX and FTT is similar; although not stablecoins, they are also credit assets. Once credit is questioned, price movements won't give you any time to react or explanations.

These events share a common point worth deep reflection: the real trigger for a crash is never the moment of de-pegging itself but the chain reaction that follows. Why do crashes happen? Ultimately, it's due to these factors—insufficient asset reserves, sudden liquidity crunch, and market confidence collapsing first. What's the most critical? Everyone loses faith simultaneously.

So, what is most closely related to a crash? Not the yield rate, but three things going wrong: trust, liquidity, and time. As long as these three elements simultaneously encounter problems, whether it's called a stablecoin, platform token, or some new variation, the final outcome is largely the same.

Conversely, the risk tolerance of exchanges becomes especially crucial. Here, we're not talking about market propaganda or reputation but three core strengths: whether they truly have asset reserves, whether they can withstand large-scale withdrawal pressures, and whether they are willing to cover losses with their own funds at critical moments.

Therefore, the core issue is never whether a particular stablecoin will de-peg but whether, if it really happens, your current position is on the side of "being caught off guard." Remember this, because history's favorite trick is to rebrand and replay the same story.