You may still be fixated on 'which protocol has been re-entered', but the most lethal trend this year is the shift of attacks from contracts to infrastructure: private key leaks, mnemonic phishing, front-end hijacking, and induced signatures—they don't need to breach the code, they only need to breach you. Because the common point of these attacks is: once they occur, you have almost no window for remedy.
When reports indicate that a large amount of losses stem from so-called 'infrastructure attacks', the real fear is that your past sense of security based on 'only looking at audits, only looking at TVL' is no longer sufficient. You need to move risks forward: reduce bridges, reduce unnecessary authorizations, reduce complex paths, reduce temporary tools.
This is also the harder side of USDD 2.0: it's not just about 'stability', it's about 'path'.
The significance of multi-chain native deployment is to allow you to directly obtain the same asset in the target ecosystem, rather than relying on bridges to map assets over;
PSM's 1:1 interchangeable anchoring gives you a more predictable on-chain exit when you need to switch asset forms;
Over-collateralization and publicly verifiable collateral structures allow you to avoid relying on rumors to assess solvency during market panic.
You will find that many people lose not because of market conditions, but because of the path: crossing a chain once, clicking an unclear link once, signing an unknown authorization once, exposes you to 'infrastructure attacks'. The correct usage of USDD 2.0 is essentially about subtraction: place your 'dollar base' in a more transparent, clearer mechanism, and shorter exit path stablecoin, and then decide whether to go to the front lines to fight.
Those willing to take on contract risk can convert to sUSDD to participate in value accumulation; those unwilling can let it only fulfill the responsibilities of 'stablecoins'—always available, always redeemable, and combinable in DeFi.
This year's theft data actually keeps repeating the same message: complexity is not sophistication, complexity is a target. The hard core of USDD 2.0 is not in slogans, but in providing you with a shorter, computable on-chain dollar path.
Disclaimer: The above content is a personal research and opinion of 'carving a boat to seek a sword', intended for information sharing only and does not constitute any investment or trading advice.