Ethereum's founder has raised critical concerns about the structural vulnerabilities embedded in decentralized stablecoin designs. While decentralization was supposed to mitigate systemic risks, core challenges persist in practice.

The core issue? Maintaining dollar pegs over long time horizons remains fundamentally fragile. Decentralized stablecoins face persistent pressure during market stress, and rebalancing mechanisms can falter when they matter most.

Then there's the oracle problem. Despite decentralization efforts, price feed infrastructure still represents a high-value attack surface. With sufficient capital deployed strategically, oracle networks can be captured or manipulated—a risk that hasn't been adequately solved by current designs.

These aren't edge cases. They're inherent structural challenges that require more than just decentralizing components; they demand rethinking how we architect stability at scale.