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Stablecoins are the plumbing of DeFi – yet most of today's stablecoin supply streams are tethered to a world defined by TradFi approaches.
When a stablecoin is custodial, you inherit the issuer’s worldview and legal pressures, and the blacklisting risks that come with them. And if a stablecoin has external reserve dependencies, like being backed by real-world assets (e.g. U.S. Treasury bills), holders don't get direct, onchain redemption rights to the underlying asset.
This is why trust-minimized stablecoin protocols matter:
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