Start with the route, not the ticker
A stablecoin can be strong on one route and weaker on another. Native tokens, bridged tokens, exchange balances, and DEX pool positions carry different risks.
Before comparing issuers, identify where the reader will hold, trade, bridge, or redeem. The correct risk review follows that route.
Liquidity and redemption are different
Liquidity means the market can absorb trades. Redemption means eligible users can exchange stablecoins directly with the issuer under stated terms.
During stress, both matter. Secondary-market liquidity can thin before issuer redemption terms become relevant to ordinary users.