Stablecoins are often treated as one simple cash bucket, but stress events show that the category is not uniform. A new arXiv paper on Austrian crypto-asset service providers studied transaction-level activity across Bitcoin, Ether, USDC and USDT through May 2025. The authors found that registered service providers intermediated roughly $30 billion with external counterparties and that stablecoin behavior differed across shocks such as Terra-Luna, FTX and Silicon Valley Bank.
The key trading lesson is that a stablecoin peg is not the same thing as universal liquidity. USDC, USDT and other dollar tokens can all target one dollar, but they differ in issuer structure, reserve disclosure, redemption access, chain distribution, exchange order books and user base. During stress, retail-like users and institutional counterparties may react in different directions.
Issuer transparency pages are still useful, but they answer only part of the question. Tether states that its tokens are backed by reserves and publishes circulation metrics. Circle?s transparency page says USDC and EURC are redeemable one-to-one and describes reserve composition, issuance and redemption reporting. Traders still need to ask how quickly they can convert a specific token on a specific chain and venue when spreads widen.
A practical stablecoin checklist should include four items. First, where is the token most liquid on the exchange you use. Second, which chain has the deepest withdrawal and deposit support. Third, whether the venue supports direct fiat redemption or only crypto swaps. Fourth, whether your risk plan assumes the token is cash, collateral, or a temporary trading instrument.
Sources: arXiv paper on stablecoins under stress; Tether transparency page; Circle transparency page.
Risk notice: Stablecoins can face peg, issuer, regulatory, chain and exchange-liquidity risk. This article is educational and not a recommendation to hold any token.
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