The Terra-Luna stablecoin crash wiped out $50 billion of notional value https://www.sciencedirect.com/science/article/abs/pii/S15446...

It's also a very open secret that the largest Tether stablecoin is not actually 1:1 backed with USD, as they very often claim https://paymentexpert.com/2025/07/24/tether-stablecoin-regul...