Came across this purported stablecoin Dai:
https://makerdao.com/whitepaper/DaiDec17WP.pdfOnly, like others, I do not see how it is sustainable or a good idea.
Ether (and other cryptocurrencies in the future) is locked into a smart contract and held as collateral. However, if the value of ether plummets, then there will not be enough collateral to cover the 1.00 USD price of Dai. They describe 2 other mechanisms to stabilize the price, but in a falling market, none of them will be sufficient.
The Bank of England learned in 1992, the hard way, that their peg could not be maintained. Why do these crypto companies think that they can achieve it?