Are Stablecoins Stable? Stablecoin Risk Analysis by type of stablecoin. USDT USDC BUSD DAI & more

Are Stablecoins really stable? Which stablecoin is best? Discussion of the stability of fiat backed stablecoins, crypto backed stablecoins, commodity backed stablecoins and algorithmic backed stablecoins by Tony Denaro.
#TonyDenaro #Stablecoins

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Stablecoin starter :

Stablecoins are cryptocurrencies designed to maintain price stability, most typically with a peg to an underlying asset. Cryptocurrencies are extremely volatile and have a weak unit of account value. Bitcoin is an excellent medium of exchange and store of value, but it wouldn’t work as a reporting currency for financial statement or tax return purposes because of the volatility. Merchants who accept crypto have to worry about profit margin erosion if the value of a bitcoin dropped sharply after receiving payment from a customer. Volatility risk doesn’t make sense in the ordinary course of selling goods and services, and this limitation has hindered adoption of cryptocurrencies. Stablecoins have essentially become the holy grail in crypto, creating the bridge between traditional finance and the new world of blockchains and programmable money.

Example definitions of stablecoins:

“A stablecoin is a cryptocurrency that is collateralized to the value of an underlying asset.” Blockdata1
“Stablecoins, in their most ideal form, are simply cryptocurrencies with stable value.” Multicoin Capital2
Stablecoins are crypto assets that maintain a stable value against a target price (e.g., USD). Consensys3
Types of stablecoins

There are two broad categories of stablecoins:

Asset-backed (more prevalent)
Algorithmic
There are two broad categories of asset-backed stablecoins (with subcategories)

Off-chain collateral (more prevalent)
Fiat currency (more prevalent)
Commodities
On-chain collateral
Cryptocurrency 4
There are many different kinds of stablecoins and different ways to collateralize the token. The simplest version is a USD stablecoin backed by USD or a Euro stablecoin backed by Euros. Stablecoins could also be a “basket” of multiple fiat currencies, commodities or other assets. The possibilities for creating stablecoins is almost endless.