People who trade cryptocurrency are shouting every day that USDT is about to crash, so why does it feel as stable as a rock when it comes to USDe?

I'm tired of memes, let's talk about something hardcore—how stablecoins actually fail. Many people confuse one thing: if USDe and USDT have issues, they don't die in the same way. The collateral ratio is not the main point; the core issue is whose ledger do you trust.

There are two ways to die when unpegging: one is liquidity exhaustion (remember the USDe incident last October?), and the other is direct reserve depletion (refer to the textbook-style collapse of UST). The former is a temporary break in flow, while the latter is a complete insolvency.

So the question arises - which type of collapse are you worried about?