The main harm of existing “Stablecoins” is not controlled emission, but, accordingly, 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 believe that we should be trusting the other ones either. I mean think about it, UST dropped, because they failed the algorithm part of it, but what about the ones we just simply trust? Think about how big USDT is right now, we are talking about 80+ billion dollars trusted into just one company. What happens if we all decide to sell it? They will not be able to cash them all out.
This is what they are trusting as well as a company, they think that we won't sell it all together. I do not believe that it will never happen, maybe one day it could happen and that day will be a terrible situation for all of us and that is why I never put my money in there.