Just because a stablecoin trades at $1 doesn’t mean it’s safe.

In 2025, the real question is:
❓ Can users redeem it instantly?
❓ What infrastructure does it rely on?

Stablecoins now fall into 3 categories:

1. Synthetic (e.g., $DAI) governed by DAOs, but redemptions can be paused

2. Fiat-backed (e.g., $USDC, $USDT) rely on banks, redemptions are often slow

3. On-chain native (e.g., USDe, sDAI) fully on-chain, but face liquidity risk

In 2025, stablecoins aren’t just tokens.
They’re systemic. And that means scrutiny.