The emergence of new stablecoins promoted under narratives of “stability,” “financial genius,” or political backing may, at first glance, appear to be a step forward for mainstream crypto adoption. However, this type of asset also introduces deep and structural risks that should not be underestimated.

A centralized stablecoin—especially one directly or indirectly tied to state interests, corporations, or powerful public figures—reintroduces the same flaws of the traditional financial system into the crypto ecosystem: control, censorship, fund freezing, and monetary manipulation. Rather than strengthening decentralization, it risks undermining it.

The greatest danger lies in the illusion of safety. By trusting a so-called “stable” currency, users may concentrate liquidity under a single issuer, creating single points of failure. When reserves are opaque, politically influenced, or dependent on shifting regulatory decisions, systemic risk increases exponentially.

In the long term, this type of stablecoin can evolve into a financial surveillance tool, capable of tracking transactions, blacklisting addresses, and conditioning how money is used. In extreme scenarios, it could be leveraged to pressure markets, suppress truly decentralized assets like Bitcoin, or enforce official economic narratives.

The future of crypto will depend on whether users choose freedom with volatility or stability with control. Financial history has already shown us the cost of the latter.