[tomatocracy]

Even this scheme is subject to the risk that the "issuer" of the stablecurrrency stays solvent enough to pay the operating costs of those trades (or at least that there is a sufficient supply of replacement issuers and the legal system and government where the issuer is located appropriately recognise segregation of those assets on a bankruptcy and that it has a low cost and efficient bankruptcy regime), or if it's the US treasury the risk of expropriation of a change to the system which could be different from the risk with traditional currency. Ultimately you're taking credit and/or performance risk on someone.