alt Hacker NewsThe original stablecoin, DAI, used since 2017 by a lot of people living in countries ravaged by horrible inflation cannot be taken away.
It can just be a smart contract with overcollaterised crypto backing it. And the idea is kind of genius.
All the USDT and USDC which appeared later on a just "proxy" for "real" dollar hold by Tether or Circle. There is nothing permissionless or decentralized about them.
So "stablecoin" can mean very different things in practice.
DAI (now called USDS) is largely backed by assets well within reach of US financial regulators these days, no? Even a few years ago, it was mostly backed by USDT and USDC, which both can be frozen by their respective issuer.
I don't think any of the non-custodial stablecoins had a very good track record even just in the medium term. Overcollateralized crypto-backed stablecoins are exposed to the market value risk of their backing assets; algorithmic stablecoins have had a tendency to death spiral.