#借贷协议风险 After reading this analysis of the stablecoin bank, I was directly broken down 💀

1000 new banks sound impressive, but in reality, it's just a shell game. Once infrastructures like Bridge, Rain, and Privy are integrated, anyone can set up a "bank." But the key issue is: if a certain supplier goes down, gets choked by regulation, or has a falling out with a bank, the entire system collapses.

Just look at those hypothetical scenarios—payment cards get stuck when Cloudflare goes down, new regulations come in and the card gets rejected, fiat channels are cut off and there's no money to withdraw. Isn't this just a version of the risks associated with lending protocols? The longer the chain of dependency, the more black swans there are.

Why have traditional banks survived for so long? Because they manage to mitigate downwards risks, and their infrastructure is never just "barely usable." What about us? We're all about promoting cashback, benefits, and discounts, but the underlying structure is incredibly fragile. Once users experience a payment failure, they immediately return to using centralized exchanges.

To be honest, we don't need 1000 banks right now, just one that can really score full marks. But looking at the current situation... it's not a matter of "if" this thing will go wrong, it's a matter of "when". 🔥