Ethereum ($ETH ) co-founder Vitalik Buterin has called for decentralized stablecoins to move beyond being fully backed by a single fiat currency. Speaking on January 12, 2026, he warned that dependence on one national currency exposes stablecoins to severe risks if that country faces economic instability or failure.
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Buterin argued that such a model contradicts the goal of decentralization and could lead to systemic collapse. He instead advocated for diversified backing mechanisms to improve resilience against geopolitical and macroeconomic shocks, especially as stablecoins play a growing role in DeFi and on-chain finance.