Instead of regular centralize stablecoins, why we don't have a stablecoin with its own blockchain or a token where anyone can mint or redeem that stablecoin using ONLY Cryptocurrencies at the market price.
I think you're not getting the point, the creation of a stablecoin that will work the way used said is not the problem but how it will survive in the long run.
Have you ever wondered why we never have a decentralized stablecoin in the entire cryptocurrency market?
Every stablecoin is just a copy of fiat currency, instead, focus on the creation layer1 stablecoin focuses on something that will help the Bitcoin network.