Nothing wrong with it insofar you rely on middlemen and trustees (such as the #fed #ecb #bis #imf #...).

I should have been more precise. The stability of a backed #stablecoin depends on it's usage as a medium of exchange, unit of account and it's capability to store value.

The first two functions are conventional. It means that if people accept the currency at a certain price, there's a mutual agreement recognising the currency value.

The third one is the issue here. It's about what is going to define the future of your savings. And that's where the trust question comes into play.