As a CFA III holder and quantitative trader who built algo-driven stablecoin models since the 2020 DeFi Summer, I see Terra’s collapse not as failure—but as a predictable replay of 19th-century narrow banking. Stablecoins aren’t innovation; they’re regulatory arbitrage wrapped in blockchain aesthetics. Reserve transparency? Still vaporware. When rates spike, trust evaporates—and the system reverts to its oldest form: illiquid government bonds.