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An overview of the three dilemmas faced by the most popular stablecoins in the market?
【Plain Language Guide】Stablecoins play an important role in the cryptocurrency ecosystem, providing value stability in highly fluctuating markets. #Crypto
However, the design of Stable Coin faces the 'Stable Coin Trilemma', which is the difficulty of simultaneously achieving Exchange Rate stability, capital efficiency, and Decentralization.
Stable coins such as TerraUSD and FRAX have attempted to achieve a balance between decentralization and capital efficiency, but have failed in market fluctuations; Fiat currency-backed stable coins like #USDT 和 USDC have performed well in terms of stability and efficiency, but at the cost of centralization and trust risks. A new model that can achieve a more effective balance among these three may emerge in the future.