I think they’re usually pegged to USD as a common reference point that people understand. But it can theoretically be pegged to anything if it’s done algorithmically. I’m just saying, we have these things and that is not the issue. I think the technology still remains the limiting factor. The UX is worse than fiat in the worst ways.
Discussion
Can I see the "algorithmic" one please. I'm interested in the algorithm.
Most of them have depegged I think. Flawed algorithms 😂 https://cointelegraph.com/learn/algorithmic-vs-collateralized-stablecoins
Funny how it always comes apart upon close examination.