Over the past decade, blockchain finance has experimented with many approaches on the path of stablecoins—collateralized stablecoins, algorithmic models, cross-chain solutions, yield aggregation, and even various hybrid architectures. Flip it around and look back, there’s been no shortage of innovation in models, but the core problem has never truly been solved.

The underlying logic is actually quite harsh: all existing stablecoins rely on "asset-backed credit." If the assets are stable in source, the stablecoin remains stable; if asset prices fluctuate, the entire system trembles. It’s like building a house on quicksand—no matter how reinforced the foundation, the soil underneath determines the fate of the building. As long as the stability anchor is the price, it cannot escape the cycle of bull and bear markets; as long as the system revolves around collateral assets, it will never become a true "financial structure."

The key is to change the source of credit. Instead of increasing collateralization ratios or optimizing liquidation models, it’s better to directly shift toward "structured credit"—transforming credit from single-point assets into multi-layered collaboration, from price dependence to mechanism dependence, from single endorsement to holistic endorsement. In this way, stability is no longer parasitic on asset fluctuations but rooted in the system’s own mechanism design.

On-chain finance has, for the first time, gained a kind of "structural stability capability" similar to traditional finance. You will realize how different this is from those traditional single-collateral models—they fundamentally still play the asset game, while this direction is playing the structural game.