Recently, a certain issuer's stablecoin has experienced significant price fluctuations, primarily caused by liquidity exhaustion. Some investors are attracted by high annualized returns of 20%, but they fail to realize the true risks hidden behind such extreme market conditions. When trading depth is insufficient, even relatively small sell pressure can trigger a flash crash. From a position perspective, short-term volatility has limited impact, but users participating in high-yield promises should be cautious of liquidity traps. In bear markets and volatile conditions, these risks can be amplified infinitely. When choosing stablecoin products, liquidity adequacy should be the top consideration.