As mentioned before, all decentralized stablecoins are born with a magic spell: You are not Bitcoin but counterfeits, so where does your credit come from? Credit is the cornerstone for a stablecoin to maintain stability. For decentralized stablecoins with specific pegs, the collapse of credit manifests itself as the risk of de-pegging, which is the internal and interactive result of the stablecoin project, so it is called systemic risk. Correspondingly, black swan events such as external incidents or sudden bad news (like scandals of the project team or wars) are called non-systematic risk.