Study: Stablecoin Depeg May Have a "Critical Threshold," Severe Narrative Shocks Could Trigger Panic Selling

The Renmin University Fintech Institute published a translated article on stablecoin research from the Journal of International Money and Finance. The study, based on large language model (LLM) agents, analyzes stablecoin depeg risks, noting that depegging exhibits distinct nonlinear and threshold characteristics. While arbitrage mechanisms can absorb a certain degree of information pressure, once narrative severity reaches a "critical threshold," the system may rapidly enter a sustained depeg state.