With the number of collapsed stablecoins this year and the biggest one of them all being a complete fraud, I'm not sure they're any safer. Also, every fiat-backed stablecoin is by definition 100% centralized to a single legal entity.

What is your point?

My point is anyone with an internet connection can give their savings 100% exposure to any centralized fiat currency, _if they so choose._

I'm not saying you should or you have to. I'm just saying this gives people the option to do that. What's bad about that? What's wrong with that? Should only US citizens be allowed to save US dollars?

I like how as soon as you mention stablecoins, everyone starts replying with the most god-awful trash examples of shady stablecoins they can think of, as if those cherry-picked dumpster fires represent the best that stablecoins can and will ever be able to offer.

Until the peg is lost, like what happened with UST (now USTC).

https://jumpcrypto.com/the-depegging-of-ust/

That coin was supposed to be pegged to $1 USD.

You mean like Terra (Classic) which went from being $1 to being $0?

Yes, Terra had quite insane ponzinomics. But that is a poor argument against what stablecoins could be.

Why are you arguing against letting anyone with an internet connection save US dollars? Should only US citizens be allowed to save US dollars? Why should we prevent humans from having that option?

> But that is a poor argument against what stablecoins could be.

Why did the argument suddenly switch from "have been for years" to "theoretically there could exist a stable coin that isn't outright fraud"? Is the reason that you can't think of a single example that is actually trust worthy?

> you can't think of a single example that is actually trust worthy

In addition to USDC, USDH, and DAI, we've also got GUSD, RAI, LUSD, and USDP in terms of trustworthy stablecoins.

All of them are audited in reputable ways, either by large accounting firms or directly on-chain by cryptography:

https://news.ycombinator.com/item?id=31381864

> All of them are audited

USDC decided to remove guarantees from its site and invest its reserves as it saw fit without any guarantees or limitations on risk in 2021 before returning to form several months later. This happened despite the reserves being subjected to attestations every month. So it might be a good idea to start a list of trust worthy stable coins with just about anything else, especially if you want to give the impression that the attestations are actually worth the paper they are printed on.

USDC, USDH, DAI, the list goes on

Which begs the question, why not just use Dollars?

Because in many countries throughout the world it is illegal to save and spend US dollars.

Or you can do it, but suffer extortionist fees.

Classic first-worlder, thinking corrupt, authoritarian regimes which arbitrarily seize assets and cut off access to basic financial services do not exist.

Yeah and we’ve seen how well they’re going.