Gate News, March 16 — Delphi Digital tweeted an analysis of systemic risks in stablecoin systems. They stated that Tether and Circle are not foolproof systems; just because they are collateralized 1:1 with short-term government bonds and cash equivalents does not mean they are immune to potential runs. As early as the collapse of Silicon Valley Bank (SVB) in early 2023, the de-pegging event of USDC revealed this risk: USDC was originally fully backed, but when SVB collapsed, some reserves became temporarily inaccessible, meaning the risk was simply transferred upward. In traditional banking, payment risks are usually dispersed among institutions; in stablecoin systems, payment channels may be deterministic and automated, but settlement risks that were once eliminated among participants are now concentrated at the issuer level. The system has not become risk-free but has shifted into a vertically dependent structure, which is the fundamental reason why issuer concentration is beginning to raise concerns.
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