Stablecoin Depegging Risk: An Introductory Framework
稳定币脱锚风险：入门框架
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Stablecoin depegging occurs when market price diverges significantly from its nominal anchor—typically the US dollar—due to structural liquidity or reserve weaknesses.
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Unlike fiat currency crises, depegging risks stem less from sovereign insolvency and more from opaque collateral composition and redemption friction.
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