Binance announced that due to technical issues encountered by the liquidity provider of the FDUSD currency pair, it will stop First Digital USD (FDUSD) trading at 17:45 on July 26, 2023 (Beijing time) to ensure that it provides users with the maximum degree of protection. Since the LUNA crash, the Silicon Valley Bank crash, which triggered the decoupling of USDC, the world’s second largest crypto stablecoin, and a series of black swan events, the market’s distrust of the concept of stablecoins seems to have reached a threshold. Whether they are centralized stablecoins, algorithmic stablecoins or partially decentralized stablecoins, they are all regarded as scourges to a certain extent: Tokens known for their stability are unstable, so what else can we believe? At present, the stablecoin market has experienced a significant decline compared with last year. In fact, stablecoins are just a way of expression of cryptocurrency, and their value is often anchored to real currency or algorithmically controlled to maintain the value of the token and the anchor (such as the U.S. dollar) within a roughly controllable exchange range. . But that doesn’t mean stablecoins themselves are immune to volatility. When encountering a huge black swan event, the stable currency will also decouple from the linked currency. This means they will deviate from their pegged value. The key to the problem is not whether the stablecoin will fluctuate, but whether the stablecoin itself has a scientific and reasonable self-correction mechanism that can repair the risk in a timely manner and maintain a reasonable value when facing unknown risks.