Published on Jul 12, 2020
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Decentralized finance was created to bank the un-banked, revolutionize personal finance, and allow permissionless lending, borrowing, and earning interest. While the actual DeFi lending protocols themselves have made great strides toward decentralization, the vast majority of value that flows through DeFi protocols is transferred in the form of centralized stablecoins such as USDC and Tether. The centralized nature of these stablecoins presents a vulnerability risk that gives outside corporations the ability to freeze funds and block certain wallets thereby negating the entire goals of DeFi. Migrating from centralized stablecoins to decentralized stablecoins should be considered as a way to enhance the robustness and decentralization of DeFi protocols.

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decentralized finance risks defi risks tether vs dai usdc vs dai crypto

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