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.
There's no need for that. Tether and other stable coins are already and also called as community stable coins. If you are going to make one, that doesn't make sense anymore. Because every new creation of a stable coin will be said, it's good for the community and it is the ideal stable coin that every members of the community. It's going to be a nonstop creation of it because that's what everyone going to aim for when they see that there's something wrong on the first one.