Many traders have relied on stablecoins for this, using them as a safe haven during downturns.
One dominant player is emerging, but concerns about centralization and potential asset freezes are growing.
Stable coins have always been centralized and the issuers have always had the ability to freeze it even if you stored it in your own wallet, it has never been a 'safe haven' and it is not recommended to store it for the long term. So my point is that the people who 'trusted' it and used to during the bear market will still likely do the same thing.