When we talk about truly decentralized stablecoins, the bar for what qualifies is worth debating. Most of the stablecoins in circulation today claim the decentralization angle, but do they really walk the talk?

Take a step back—what actually makes a stablecoin decentralized? Is it just about token distribution, or does it go deeper? There's the governance model, the collateral mechanism, oracle reliability, and whether the protocol itself can operate without a central authority calling the shots.

Think about the mechanics: some use overcollateralized crypto backing, others rely on algorithmic mechanisms. Some have centralized governance hidden under a decentralized facade, while genuinely community-driven projects handle decisions through distributed governance.

The real question is whether the protocol can survive and thrive even if the founding team walks away. That's the actual test of decentralization in the stablecoin space. What's your take—which ones actually measure up?