1. Pegged value currencies are subject to Soros-breaking-the-Pound style attacks.

2. USDC is based on Ethereum, a first-generation cryptocurrency with numerous design flaws, at both the protocol and scripting language level. On top of that is an increasingly complex network of DeFi apps which can be exploited in sophisticated ways, as we saw with recent multi-part hack across several DeFi apps.

3. The US Dollar itself may be heading into a period of instability, given the massive US Govt debt and Federal Reserve operations.

You can stick your head in the sand and pretend stablecoins are stable, or you can acknowledge they’re more likely one more in a long history of financial folly.