The main harm of existing “Stablecoins" is uncontrolled inflation.
Today, anyone can create a demon of control-print their “Stablecoins” thereby increasing the total issue of the financial bubble, what do you think?
I do not entirely agree with this statement.
In my opinion, if we believe that 1 USDT (tether) = 1 US dollar, then no action by the US Federal Reserve will change the fact that money surrogates (digital copies of US dollars) circulate in the global monetary system. If usdt is used to pay for goods (works, services), then they increase the money supply and contribute to an increase in inflation.
The US Federal Reserve can take various measures to combat inflation (raise the refinancing rate, buy back government bonds), but if money surrogates are used in parallel for calculations, this has a negative effect on inflation growth.
Here the question is different ... Are stablecoins used to purchase goods (works, services)? Or are they virtual instruments for trading in the cryptocurrency markets?
Any stable linked to fiat automatically increases inflation by the amount of its issue. Therefore, if this inflation threatens the economy, the authorities will find a way to impose sanctions. Centralized finance and decentralized finance should and will exist in parallel and complement each other transforming. Gradually, Fiat will be replaced by a decentralized cryptocurrency. The cryptocurrency was created not for virtual owners, but for real ones, which means there will be a real departure from centralized finance.