Vitalik just identified 3 "deep flaws" in current decentralized stablecoin models:

The Oracle Problem: Oracles can still be manipulated by "big money." If an oracle can be bought, the whole system collapses.

The Yield Gap: Stablecoins struggle to compete with native staking yields. Why hold a stablecoin when you can get more from staking ETH?

USD Dependency: He urges us to stop pegging everything to the Dollar and find indices that reflect real purchasing power.

He warns that without solving these, many protocols are just "straw houses" waiting for the next big storm.

Is it even possible to build a stablecoin that is 100% decentralized and competitive, or is the "Stablecoin Trilemma" unbeatable?