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.
Very vulnerable to bad things and if you have assets, for example ETH, you can also exchange ETH to BTC directly on the leading exchange in your area and why don't you have to go far in advance by exchanging ETH to Xusd. It's also clear that if it doesn't it can get even more chaotic later.