PANews reported on November 4th that the GoPlus Chinese community published an analysis on the X platform stating that, with the continued decline in price and reduced liquidity, more stablecoins like XUSD may be facing a higher risk of de-pegging or insolvency. 1. Yield-bearing stablecoins rely on high-return strategies (lending/leverage/LP rewards), have large exposure to external borrowing, and have high liquidity requirements (xUSD belongs to this category). 2. Algorithm/Dual-Token Stablecoins (without sufficient external collateral): The mechanism for maintaining price stability relies on market arbitrage/token burning, and there are no reserves for immediate redemption in fiat currency. 3. For projects with centralized governance or a single counterparty, the loss of private keys, governance delays, or custodian bankruptcy can all lead to the closure of redemption channels. 4. High concentration of holdings / A small number of whales reducing their holdings of tokens with a very high percentage of ownership in a few wallets can have a significant impact on secondary market liquidity and price stability. 5. Projects that promise high returns but lack transparency, have insufficient audits, anonymous teams, opaque leverage, associated addresses, and unclear sources of returns all increase project risk.PANews reported on November 4th that the GoPlus Chinese community published an analysis on the X platform stating that, with the continued decline in price and reduced liquidity, more stablecoins like XUSD may be facing a higher risk of de-pegging or insolvency. 1. Yield-bearing stablecoins rely on high-return strategies (lending/leverage/LP rewards), have large exposure to external borrowing, and have high liquidity requirements (xUSD belongs to this category). 2. Algorithm/Dual-Token Stablecoins (without sufficient external collateral): The mechanism for maintaining price stability relies on market arbitrage/token burning, and there are no reserves for immediate redemption in fiat currency. 3. For projects with centralized governance or a single counterparty, the loss of private keys, governance delays, or custodian bankruptcy can all lead to the closure of redemption channels. 4. High concentration of holdings / A small number of whales reducing their holdings of tokens with a very high percentage of ownership in a few wallets can have a significant impact on secondary market liquidity and price stability. 5. Projects that promise high returns but lack transparency, have insufficient audits, anonymous teams, opaque leverage, associated addresses, and unclear sources of returns all increase project risk.