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.
For example if I have 1 Eth and want to mint it into Xusd (community stablecoin) it goes like this example:
If Eth market price = $1000 I send 1 Eth to this blockchain or contract and I receive 1000 Xusd.
And it can be redeem for any Crypto at market price,
If Eth price = $2000 I send 1000 Xusd and get 0.5 Eth.
If it was that easy to create a coin like that then it would exist already, for the ones exchanging their coins this seems like a great deal as they can always exchange their coins at the market price, but the ones allowing for this to take place are the ones taking all the risks for no gain to themselves.
Tell me where are you going to find people that are willing to do that consistently? Or where exactly the volume is going to come from?