Lets assume we have a ETH smart contract
It watches at ETH/USD pair using some oracle like Chainlink
Now, some user sends some amount of ETH to this contract
The contact takes a current value of ETH/USD , for example 3500 and credits the user with exactly 3500 tokens and also burns received ETH
You missed key point; your stable token will have 0 value. You were burning ethereum utilized to back the value for your stable token; hence, this explains One cannot issue stable tokens without supporting assets, such gold or fiat money. People will never ever believe your token using this method.
In conclusion, the value of a stable token derived from the asset used to back your stable token;Therefore, If you were sending ethereum to the burning address, your asset will be zeroed back again.
This way our user receives amount of tokens which exactly equals to amount of USD he spent
Though, the total amount of USD spent will not be equal to the total amount of tokens emitted - but nobody can say the exact ratio
How do you think would the the price in USD of such stablecoin always stay close to 1.00?
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That stable token will be clearly useless because no asset to back it; it will never work. It's the same as you were printing stable token; you have no nothing to support the value of your token. The value owned by ethereum can't be transferred to your new stable token with that method. In conclusion, your token will be a valueless token.