Exactly. There's no doubt in that. I've seen many stablecoins to be backed by real dollars (or sometimes even bullion), without substantial proof whatsoever. Tether (USDT) has been quite a shady stablecoin as the company was unable to provide proof of its claims that the token was backed by real dollars. A legitimate company would provide transparency to its investors in order to maintain the reputation of its token within the mainstream world. Remember, "all that glitters is not gold". Many people believe that all stablecoins are guaranteed to be worth $1 USD for the foreseeable future. But we know that's not the case.

A true stablecoin needs to be backed by real USD reserves and largely regulated by worldwide governments. Only a few stablecoins meet with these requirements. Stablecoins like the Gemini Dollar, Binance USD, and IBM's stablecoin solution (I believe it's called Stronghold USD), are truly regulated and backed by USD reserves. But stablecoins which rely on algorithms to sustain their value of $1 USD (like Maker's DAI or NuBits) will eventually fail because they're not backed by real dollars. Consider NuBits (USNBT) which was once a respectable stablecoin (being worth $1 USD most of the time) some time ago. But, its failed economic model and management has led it to be worth cents instead of $1 USD. Many investors who put their faith into NuBits are now regretting having to put all their money in a stablecoin that was supposed to be always worth $1 USD.

Nonetheless, stablecoins are still good for short-term protection of your investment. But they're not a definitive solution against a long-running bear market. You're better off cashing out your crypto into USD for safekeeping. Until the space becomes more regulated, you cannot expect stablecoins to have a guaranteed value of $1 USD across the market. Just my thoughts