Evaluate the true peg stability of any stablecoin by dissecting its reserves, redemption mechanics, and contagion exposure across the crypto system.
## CONTEXT Stablecoins are the settlement layer of crypto, but their risk profiles vary enormously: fiat-backed, crypto-overcollateralized, yield-bearing, and algorithmic designs each fail in different ways. The 2022 collapse of a major algorithmic stablecoin and the 2023 temporary depeg of a fiat-backed coin during…
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