. The first problem addresses the stablecoin market as most stablecoins are locked in smart contracts on Ethereum. This presents a threat to the stablecoin “stability” and we know how the Luna crisis exposed stablecoin vulnerability.the harm surrounding the Merge recently. In the video, it was even claimed that major stablecoins, such as USDT and USDC may even lost their peg due to negative funding.
The risk in the ETH market is driven by users potentially benefitting from ETHPoW by borrowing ETH before the Merge. Binance also claimed that it will pause ETH and ERC-20 deposits and withdrawals during the upgrade.
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