Deutsche Bank analysts have expressed concerns about the viability of most stablecoins, highlighting that only a few might succeed due to factors like credibility and reserve backing. The report draws attention to the dominant position of Tether in the stablecoin market and issues related to speculation and transparency. The study was triggered by events like TerraUSD and Luna's collapse, which underscored the interconnected risks in stablecoin designs. Tether has criticized the study for its lack of clear evidence and reliance on vague assertions.

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