So basically stable coins are just like any other bank deposit IOU?
Can't trust bankers to hold 100% reserves so stable coins aren't stable at all.
Discussion
Pretty much yes, the stablecoin issuer isn't sitting with 100 cash for every token they issue, they're holding some sort of asset mix, some long some short duration, to put that capital to work and earn a return
While they clip fees on converting between their redemptions and short duration and cash they keep on the books.
Of the cash they keep most of it is not insured since it exceeds deposit insurance, and the banks they hold it with are obviously not holding cash either they're also leveraged to try and make money.
As for the other stablecoins on the list, they're either algo pegged to a shitcoin or pegged to the issued stable coin, so a basically a 4/5th layer promise