💣 Some say stablecoins are a carefully designed harvesting game—do you believe it?

Recently, there has been a heated discussion in the market: some stablecoin projects are not actually inclusive financial tools, but debt transfer machines disguised as blockchain technology. Mainstream coins like ETH, BNB, and SOL can still have predictable fluctuations, but for stablecoins that promise to always be 1:1 pegged to the dollar, how deep are the waters behind that promise?

🪝 **Act One: The Boiling Frog in Warm Water**
First, let you enjoy the benefits—instant cross-border transfers, low fees, 24-hour trading. Before you know it, you’re used to handling funds with USDC, USDT, unaware that each dollar of stablecoin might be backed by a national debt from some country. The more users there are, the broader these debts are spread, and the larger the scale naturally becomes.

⚡ **Act Two: Liquidity Suddenly Evaporates**
When the scale reaches trillions, the script reaches its climax. One day, a “technical fault” at an exchange, a “delay” in the liquidation system, or news of a debt crisis in the market… Everyone frantically tries to exchange stablecoins for real cash, but liquidity instantly dries up.

🔻 **Act Three: The De-Pegging Spiral Collapse**
The issuer has already converted most of the dollars into bonds and does not have enough cash to pay out. Prices begin to collapse—from $1 to $0.5, then $0.3, and even $0.1... Panic selling is everywhere. At this moment, “rescue funds” appear, buying vast amounts of assets at extremely low costs.

🎭 **Final Act: Wealth Transfer in Silence**
You sell cheaply, and someone picks it up at a low price. Debt gets diluted, risks are transferred, and a “pre-designed crisis” completes a global wealth redistribution.

💬 **This is not conspiracy theory, it's risk simulation**
When payment convenience becomes dependence, trust becomes custody, and panic turns into stampedes—harvesting is complete. How much real reserve do Circle entities hold? How much water is in their audit reports? Nobody can say for sure.

⚠️ This article is solely an analysis of market mechanisms and does not constitute investment advice.
Where do you think the biggest risk of stablecoins lies?