After reading about stable coins they seem completely idiotic. I get the idea that pegging it to the dollar via arbitrage is great and all, but arbitrage only seems to work (like in ETFs for instance) when the underlying assets have value and high trade volume. Once trade volume goes down price stability goes out the window and you end up with this shitshow. Once that happens everyone leaves and the “value” is gone. It’s a death spiral waiting to happen.