Hi everyone. I've been doing some independent research into stablecoins like USDT, USDC, and even DAI, and I've become increasingly concerned that, while widely used, they all rely—directly or indirectly—on centralized entities such as banks or government-regulated institutions. This creates a critical point of failure: in times of crisis, these third parties can freeze assets or cause a loss of peg, which we’ve already seen happen.

I'm wondering whether it’s technically feasible to design a truly decentralized stablecoin—without fiat backing or centralized dependencies—that can maintain its 1:1 peg even during extreme market crashes (e.g., 40–50% drops), where traditional liquidation mechanisms often can’t keep up.

What kind of architecture, governance model, or liquidation design would be required to achieve this?
And more importantly, how could JAM or Polkadot help address these limitations? For example:

• Could JAM’s parallel execution or asynchronous messaging enable faster and more resilient liquidation systems?
• Could Polkadot’s shared security and advanced governance frameworks enable more effective responses to extreme volatility?
• Is it feasible to build robust cross-chain collateral mechanisms that remain solid even during systemic market events?

I'm asking this because I see it as one of the biggest unresolved challenges in DeFi. I’d really appreciate any technical insights or references to relevant research.