In the Ethereum ecosystem, the design of stablecoins still faces three core issues.

First is the diversification of valuation benchmarks. Many believe that stablecoins can only be pegged to the US dollar in the long term, but this single anchoring approach has limitations. An ideal solution should explore independent valuation benchmarks that can truly reflect changes in purchasing power, thereby accommodating different regional and temporal economic conditions.

Second is the degree of decentralization of oracles. If oracles are highly centralized or susceptible to capital capture, the security of stablecoins cannot be guaranteed. Once an oracle fails, project teams can only sustain system operation through high-value extraction, which directly harms user interests. Truly reliable stablecoins require oracle designs that prevent capital manipulation while maintaining sufficient independence.

Finally, there is the optimization of the Proof of Stake (PoS) mechanism itself. This involves the security design of the entire consensus layer. Only when these three aspects are properly addressed can stablecoins maintain resilience and credibility over the long term.