[retube]

There is - this is exactly what Tether is. It's the largest, most liquid of the stable coins with someone like $80bn of coins in circulation [1]. Binance and Coinbase also have their own as well which are also pretty big.

As far as algorithmic stable coins are concerned, I have no idea what the point is. Largely experimental as far as i can tell (but pretty much guaranteed to fail given how they work)

1. In fact so big now that cash managers and corporate treasurers keep an eye on Tether as they have a material impact on the bills and CP markets.

[shkkmo]

Except that Tether has no legal requirement to allow you to redeem their coins, aren't 100% backed by USD, and has a history of lieing about their backing.

[retube]

Sure, they're unregulated with little or no oversight and could be spunking it all tropical islands, but that's the theory :)

[TrapLord_Rhodo]

That's the point of an algo stablecoin. I can see the code and have direct oversight.