According to CoinMeta, a stablecoin’s decoupling within just 30 seconds could trigger a systemic event. Typically, decoupling is considered a gradual process, but in reality, the interaction of arbitrage bots, liquidation cascades, and oracle delays can rapidly turn a minor price shift into serious consequences. The value of stablecoins relies on redemptions from major markets and arbitrage in secondary markets. When the price in secondary markets falls below one dollar, arbitrageurs buy discounted stablecoins in those markets and redeem them for one dollar through the major markets, thereby making a profit. If the decoupling continues, the situation shifts from a liquidity issue to a confidence issue, and the underlying mechanisms would also change fundamentally. In March 2023, a decoupling event led to approximately $2.1 billion in liquidations. Although the decoupling lasted about 48 hours, most of the liquidations occurred in concentrated bursts that corresponded to oracle update cycles.