Btw, I said “differing means of various effectiveness” because they’re not all just pegged to an existing currency. You can have a stable coin that is just algorithmically stable to an arbitrary price even. I’m just saying, that is not the issue either.
Discussion
What are they pegged to if not an existing currency? I only know Tether, Circle and the likes. Currencies like USD and EUR are some of the most stable currencies we have right now. A coin isn't stable unless it's pegged to that.
I know some are pegged to gold but gold is pretty unstable in the first place.