"Fiat-backed stablecoins are therefore rarely actual cryptocurrencies, which causes them to inherit their main characteristics and shortcomings from the centralised banking system. Ultimately, they function in the same manner as fiat, backed by what amounts to an IOU."
Danial Daychopan wrote a short article linked below that has got me thinking. Are stablecoins bad for the cryptocurrency ecosystem because they are essentially fiat in digital form, or are they beneficial as they provide stability in an extremely volatile market? Curious to hear your thoughts, give it a read and let me know your angle on it.
https://medium.com/@DDhopn/stablecoins-3b93b4f1ddc5Personally, I find this really a lack of stable coins. They need to be upgraded and overcome, I think. However, they help people feel easier when joining crypto world. That's why it is both necessary and dangerous.