According to CoinMeta, a study published in the "International Money and Finance Journal" by the Renmin University of China Institute of Financial Technology indicates that the decoupling of stablecoins exhibits nonlinear and threshold characteristics. When the severity of the narrative reaches a critical threshold, the system will enter a state of sustained decoupling. The study argues that crises go through a self-reinforcing process involving severe narrative shocks, rising fear, deteriorating liquidity, concentrated selling by retail investors, withdrawal of arbitrageurs, and order imbalances, and that the severity of the narrative shock is more important than the specific content of that narrative.