[Renmin University Fintech Research Institute Study Indicates Critical Threshold for Stablecoin Depegging] The Renmin University Fintech Research Institute published a stablecoin study in the *Journal of International Money and Finance*, pointing out that stablecoin depegging exhibits nonlinear and threshold characteristics. When the severity of the narrative reaches a critical threshold, the system enters a state of sustained depegging. The study suggests that crises undergo severe narrative shocks, rising fear, deteriorating liquidity, concentrated sell-offs by retail investors, withdrawal of arbitrageurs, order imbalances, and a self-reinforcing process of sustained depegging. Furthermore, the severity of the narrative shock is deemed more significant than the specific content of the narrative.