One graphic to understand: Are stablecoins really 'stable'? USDe depegged overnight and plummeted 40%, tearing open a huge wound. Single-day liquidations reached nearly $19 billion, with over 1.6 million traders wiped out—this scene can only be described as the biggest liquidation night in crypto history. On the surface, USDe's depegging was triggered by Trump's tariff policies causing a liquidity crisis, but in reality, it exposed the complete imbalance in the industry between 'high-yield investments' and 'liquidity safety.' That night sounded the alarm for everyone chasing returns: When liquidity evaporates in an instant, any 'stability' is nothing more than a paper myth.