So, recently the Stably project announced the launch of its USD-based stablecoin. Of course, the announced emission of $69.420 trillion suggests that it is hardly worth taking this project seriously, and
Decrypt additionally cites arguments against this project. But there will surely be other projects ahead that want to issue stablecoins on the bitcoin blockchain. Perhaps these will be some of the currently popular stablecoins.
Why do we need yet another stablecoin pegged on the US dollar? It is not even necessary at this point.
We already have USDT (on the OMNI layer and on ERC20/TRC20), USDC, USD Pax (whatever that is) BUSD, DAI, and that's not even mentioning failed projects such as Terra UST.
You'd think that if you want to trade crypto against the dollar, there would be a currency that everyone agrees on using. So far it seems to be USDT, but clearly the fragmentation is there. For various reasons.