... there is a reason why Tether is still the number one in the space though there are many down sides to this but they have stand their ground with all the law suits and FUD, I personally don't want to touch any stable coin that is not backed by real asset, even DAI is struggling as we can see with all their sophisticated Algorithm. I will be watching this project to observe the level of adoption
You have to agree that having a single, centralized, under constant attack "stablecoin", in what supposed to be the decentralized environment, is one Huge problem.
Tether is "standing grounds" only because the current market is 100% helpless in front of it, regardless of the fact to what extent it may be not backed.
Without any competition of similar size or with better underlying logic (think Kovrita), this $4 Billion "Coin Monster" can keep "the grounds" by keeping printing IOUs, regardless of the collateral it has. I am not even saying this "can happen", this is already happening.