Are We Still Too Reliant on Centralized Backing for Peg Stability?

[Manon]

It’s 2025, and yet most major stablecoins still rely on fiat reserves to maintain peg integrity. Algorithmic models like Frax partially work, but aren’t fully adopted. And DAI? Still solid, but limited.

Is the future of peg stability in smart-contract-enforced overcollateralization, or will we always need a Circle/Tether to anchor confidence?