Or rather so-called stable coins....
I mean we have to remember they are only Stable up to a point!
And of course trust - we basically trust that Tether and Circle (is it still Circle?) and the rest Have enough funds to cover the value of their stable coins.....
And since I last checked which was over a year ago a number of other players have entered the stable coin market...
Some big names too... Trump's token, Ripple too and PayPal.
I guess I'm broadly encouraged by this diversification - I'm kind of comfortable that we've got these links from crypto to the mainstream, but then it's a double edged sword somewhat... skimming out profits to stable coins lowers the value of other cryptos, but if it stays in stable coins (possibly yielding while it does in some cases) that's easy money to be plowed back in...
On regulation...?
Stable coins of course transcend borders so it's going to be difficult for governments to regulate them, and maybe that's a good thing - they make it easy for us to do our digital business online while not having to keep all of our funds in other more volatile crypto assets.
But then, like UST, some of these coins are going to POP overnight so I wouldn't necessarily put too much trust in them, and there's no FCA backed guarantees if that happens.
But I'm generally happy to see stablecoins diversfying, I'm happier relying on these than I am on governments just printing money, I'm minded to trust crypto systems more than government or banks...
And as to HBDs, one has to just accept it's stable ish, and NOT quite pegged the dollar most of the time!