As Circle’s stock plunged 15%, I couldn’t help but wonder: if your stablecoin isn’t truly yours, what are you really holding? In this deep dive, I unpack the fragile illusion of ownership in DeFi, the risky math behind USDC’s stability, and why the real threat isn’t volatility—it’s trust. For every dollar you think you control, ask: who actually holds the keys? Let’s talk about digital sovereignty.