Collection Finance 2026.07.03

A Collection of Risks to Know Before Using Stablecoins and DeFi

An overview of risks related to de-pegging, reserves, smart contracts, bridges, liquidation, and high APY in seemingly safe coin services

#Virtual Assets #Coin #Risk Management #Stablecoin #DeFi

Stablecoins and DeFi may appear to be relatively stable or financial services in the coin market. However, despite the name, stablecoins can experience de-pegging, and DeFi involves risks such as smart contract bugs, hacks, liquidation, bridge incidents, and the sustainability of high APY. Various sources, including S&P Global, explain that stablecoins can be exposed to market trust, collateral structure, liquidity, and technical risks. This list organizes the risks that are essential to know before using stablecoins or DeFi, not as an investment recommendation but from a safety check perspective.

Stablecoin Depegging

De-pegging of Stablecoins

De-pegging refers to a situation where a stablecoin fails to maintain a 1:1 peg with a benchmark asset like the dollar. Factors such as market instability, suspicions about reserves, liquidity shortages, and issues with the issuance structure can contribute to this. Even a slight deviation from $1 can lead to losses for those holding significant amounts, and it can have a cascading effect on collateral in DeFi or trading pairs. It’s essential to not view stablecoins just as safe cash; before using them, check past de-pegging history, issuance structure, and price differences among exchanges.

핵심 포인트 기준 자산과 가격 연동이 깨지는 위험 추천 대상 스테이블코인을 보관하거나 결제에 쓰는 사람 확인 팁 과거 디페깅 이력과 실시간 가격 차이를 확인

Reserve and Collateral Structure

Reserves and Collateral Structure

Not all stablecoins maintain stability in the same way. Some are backed by cash and short-term government bonds, while others rely on cryptocurrency collateral or algorithmic structures. The risk level varies based on whether reserves are sufficient, checked regularly, and convertible in times of crisis. Safety cannot be assumed simply because the issuance volume is large or well-known. If you plan to hold stablecoins for a long time or use a significant amount, it’s essential to check the issuer's reserve disclosure and regulatory issues.

핵심 포인트 가치 유지의 기반이 되는 자산 구조 확인 추천 대상 스테이블코인을 장기간 보유하는 사람 확인 팁 준비금 공개, 감사, 상환 구조 확인

Smart Contract Bug

Smart Contract Bugs

DeFi automates functions like deposits, loans, and exchanges using smart contracts—lines of code. While this structure has the advantage of operating without intermediaries, bugs or vulnerabilities in the code can lead to hacks. Even projects with audit reports do not eliminate all risks. It’s crucial to be especially cautious with services that are newly launched or promising excessively high rewards. Before putting your assets into DeFi, check the operation period, whether an audit has been conducted, past incidents, changes in total deposits, and the team's trustworthiness.

핵심 포인트 코드 취약점이 자산 손실로 이어질 수 있음 추천 대상 디파이에 예치하거나 스왑하려는 사람 확인 팁 감사 여부와 운영 기간, 과거 사고 확인

Bridge Hacking Risk

Bridge Hacking Risks

A bridge is a service used to move assets from one blockchain to another. While it's convenient for using DeFi across multiple networks, the structure is complex, making it an easy target for hacking. In the past, there have been several major incidents related to bridges. When using a bridge, confirm that the link is official, that the supported networks are correct, and what the fees and types of arriving assets are. If you're using a bridge for the first time, it's safer to start with small amounts rather than sending a large sum all at once.

핵심 포인트 체인 간 이동 과정에서 생기는 보안 위험 추천 대상 여러 네트워크로 자산을 옮기는 사람 확인 팁 공식 링크와 소액 테스트 전송 필수

Liquidation Risk

Liquidation Risks

In DeFi lending services, you can collateralize coins to borrow other assets. However, if the value of the collateral decreases, the system may forcibly liquidate the collateral. Coin prices often drop sharply, and if the collateral ratio is not set generously, losses can accumulate quickly. Using the service without understanding loan interest rates, liquidation criteria, price oracles, and the volatility of collateral assets is risky. It’s more important to calculate scenarios of liquidation rather than focusing solely on high efficiency.

핵심 포인트 담보 가치 하락 시 강제 매각될 수 있음 추천 대상 디파이 대출을 이용하려는 사람 확인 팁 담보 비율과 청산 가격을 먼저 계산

Sustainability of High APY

When you see high APY in DeFi services, it’s easy to mistake it for deposit interest rates. However, in many cases, it may reflect the allocation of reward tokens, attraction of initial liquidity, or high-risk profit yield. If the price of reward tokens declines, the displayed yield may not translate into actual profit, and losses can increase if liquidity decreases. The higher the APY, the more you should question why it’s so high. It’s important to check whether the source of profits is transaction fees, rewards for new participants, or token inflation.

핵심 포인트 높은 수익률 뒤의 위험과 보상 구조 확인 추천 대상 디파이 예치 수익률을 보는 사람 확인 팁 수익 원천과 보상 토큰 가격 변동 확인

Impermanent Loss

Impermanent loss is a concept that often comes up in providing liquidity in DeFi. When you place two assets into a pool together, if their price ratio changes significantly, your returns may be worse than holding the assets separately. While fee income can offset this, it's not always guaranteed. Pools containing highly volatile coins carry greater risks. Before providing liquidity, it's important to understand how your profits and losses would change if the asset prices move significantly in one direction, rather than just looking at the expected APY.

핵심 포인트 유동성 공급에서 생기는 상대적 손실 구조 추천 대상 디파이 풀에 자산을 넣으려는 사람 확인 팁 APY와 함께 가격 변동 시나리오 확인

Wallet Permission Management

Managing Wallet Approval Permissions

When using DeFi services, wallets grant token usage permissions to specific contracts. If this permission is set too broadly or approved on malicious sites, it can pose a risk of assets being drained later. After using a service, it's a good habit to check what permissions remain and revoke any unnecessary approvals. You should be especially cautious if you've connected your wallet on unfamiliar sites, free reward links, or minting pages. Managing wallet permissions is a fundamental security habit for DeFi users.

핵심 포인트 남은 승인 권한이 자산 위험으로 이어질 수 있음 추천 대상 디파이와 NFT 서비스를 자주 연결하는 사람 확인 팁 이용 후 불필요한 권한을 주기적으로 해제

While stablecoins and DeFi can be convenient tools, they can be risky if understood like deposits or principal guaranteed products. Even if they are linked to the dollar, their value can fluctuate depending on the issuer, reserves, liquidity, and regulatory environment. The yields from DeFi may come with the price of accepting risks from smart contracts and market structures. Before chasing after high APY, consider how your assets could potentially be lost in the worst-case scenario. It’s advisable not to connect to services you don't understand and to start by testing with small amounts.

한눈에 보기 8개

Stablecoin Depegging

기준 자산과 가격 연동이 깨지는 위험 · 스테이블코인을 보관하거나 결제에 쓰는 사람 · 과거 디페깅 이력과 실시간 가격 차이를 확인

Reserve and Collateral Structure

가치 유지의 기반이 되는 자산 구조 확인 · 스테이블코인을 장기간 보유하는 사람 · 준비금 공개, 감사, 상환 구조 확인

Smart Contract Bug

코드 취약점이 자산 손실로 이어질 수 있음 · 디파이에 예치하거나 스왑하려는 사람 · 감사 여부와 운영 기간, 과거 사고 확인

Bridge Hacking Risk

체인 간 이동 과정에서 생기는 보안 위험 · 여러 네트워크로 자산을 옮기는 사람 · 공식 링크와 소액 테스트 전송 필수

Liquidation Risk

담보 가치 하락 시 강제 매각될 수 있음 · 디파이 대출을 이용하려는 사람 · 담보 비율과 청산 가격을 먼저 계산

Sustainability of High APY