[dasz]

This puts into light how the usd works. And how inflationary money printing is. Every dollar printed might as well be seen as debt or burden. That's an interesting aside.

More relevant to stablecoins:

If the stablecoins need constant funding then what is their real value? Why should someone hold them? Why spend them? Why owe them? Constant funding itself isn't bad as such but how much and how often are what decide value.

This is not to say they are useful or useless. But it certainly seems like the market hasn't got a firm answer either. The greater market is at least certainly ambivalent about them.

Contrast what would happen if any of these stablecoins were used for purchasing crude oil or wheat or some other international commodity. In that case we'd see very different views on their value.