Wu said that Ethereum co-founder Vitalik Buterin stated that truly decentralized and long-term resilient stablecoins still face three major challenges: they should not only be anchored to the US dollar in the long term, but should explore more independent valuation benchmarks that reflect real purchasing power; oracles must be highly decentralized and difficult to capture with funds, otherwise they can only maintain security through high-value extraction, which harms user interests; and the structural conflict between staking rewards in the PoS system and stablecoin collateral needs to be resolved. Vitalik also pointed out that the market underestimates the risks of censorship attacks and active penalties, and that stablecoin systems must have dynamic rebalancing capabilities under extreme market conditions, and cannot rely on a fixed amount of ETH collateral.