Recently, there has been a resurgence of discussions about offshore USD stablecoins in the market. Although such news appears every year, upon closer reflection, is it really just baseless speculation? If the issuers of USDT or USDC are restricted from certain addresses or cut off fiat on/off ramps, the stablecoins in your account could instantly lose their purchasing power. This kind of risk is indeed worth being vigilant about.

Many people haven't grasped an essential distinction. Centralized stablecoins are essentially IOUs—the issuer's debt to the holder. In contrast, stablecoins generated by decentralized lending protocols (such as lisUSD) are fundamentally CDPs (Collateralized Debt Positions), which are mirrors of your own assets. The difference between the two is significant.

When you deposit BNB into a decentralized lending protocol to mint stablecoins, the entire process has zero barriers—no approval from centralized institutions is needed, nor do you need to worry about who is watching. As long as your collateral's value is sufficient, the smart contract will inevitably recognize your asset rights. No one can arbitrarily press the "freeze" button. This **censorship resistance** is precisely what makes the crypto world so valuable.

From this perspective, decentralized lending systems are not about overthrowing anything but providing an alternative—when centralized systems face risks, at least there is another path to take.