Vitalik cast his vote for 'real DeFi' to algorithmic stablecoins, essentially asking: who should stablecoin risks ultimately be tied to? The mainstream answer right now is to hand everything over to USDC/USDT, along with freezing rights. But the alternative path is: ETH-backed, minimal governance, and market-driven interest rates—though it’s less efficient and grows slower. From USDS to Liquity, RAI, and Flatcoins, the debate isn’t about 'which coin is bigger,' but rather, how much monetary sovereignty does DeFi still have left on the table?