What exactly are the development bottlenecks of decentralized stablecoins? Recently, technical thinkers in the Ethereum ecosystem pointed out three core challenges on this path.

The first and foremost is the limitations of the anchoring mechanism. Currently, most decentralized stablecoins adopt a USD-pegged model, but this approach faces a fundamental risk: if the US dollar depreciates long-term or even experiences hyperinflation (the possibility within 20 years in extreme scenarios cannot be completely ruled out), then this anchoring strategy will fail. Using the US dollar as the value benchmark for stablecoins essentially shifts the risk to users—your stablecoin's stability entirely depends on the creditworthiness of the US dollar itself.

This raises a deeper question: can we design a more resilient value indexing system that does not overly rely on a single fiat currency? Is it possible to create a multi-asset basket or other algorithmic mechanisms to make the stablecoin's value anchor more decentralized and risk-resistant? These are unresolved issues facing DeFi innovators.

The iteration path of stablecoin technology is still long, and overcoming these bottlenecks will directly determine the future form of the entire DeFi ecosystem.