Let’s talk about Ethereum from a hindsight perspective: ethereum:0x4ba01f22827018b4772cd326c7627fb4956a7c00 and the deeper reasons behind its depegging: 1/ Weak foundation: Initially positioned as a native stablecoin protocol built on Sonic, but moved to Ethereum after Sonic failed; 2/ msUSD reserves are directly managed by the team via private keys for custody and strategy execution, without using a more secure trusted third-party custodian, creating a huge risk of intentional misconduct; 3/ msUSD uses an admin-upgradable proxy contract, where the admin holds special privileges, such as banning sales, unlimited minting, and fee adjustments—any abuse of these powers could be catastrophic; The sudden announcement by Accountable to halt verification services for @Main_St_Finance was just the trigger. The deeper you dig, the scarier the trust crisis becomes, ultimately collapsing msUSD.