UST overnight zeroing out, XUSD plummeted 77% in a single day——Behind every major collapse, the same painful question points to: Are the so-called "stable" assets truly stable?

The collapse was not mysterious. UST’s Achilles' heel is simple: it relies on a dual-token cycle that only functions under ideal conditions. The moment the market reacts in reverse, the entire mechanism collapses like a house of cards. Even more brutal is that users have no way of knowing whether the collateral truly exists, nor do they have a chance to save themselves when the storm hits; they can only watch as the numbers in their accounts evaporate.

This bloody lesson has changed market thinking. The model maintained solely by "faith" and complex algorithms is now outdated. The industry is beginning to explore new defense systems—based on over-collateralization, with automatic liquidation mechanisms as firewalls, and multi-chain liquidity as emergency channels. The goal of this combination is clear: not only to stabilize but to survive.

The new generation of stablecoin competitors are delving deeper on this path. They aim not just to promise "no collapse," but to develop assets that can generate their own value and operate continuously. From passive defense to active evolution, this might be the key to the survival of stablecoins in the next era.