[redox99]

There's about 150B in stablecoins[1]. You can argue that some of that is fake, not backed. But even if 75% of that were fake it's still a huge amount of money. So it's clear that cryptos that are anchored to USD do have appeal.

The appeal however is not from people wanting to use them to buy their coffe. The appeal is DeFi.

[1] https://coinmarketcap.com/view/stablecoin/

[jollybean]

$150B is a small amount of money that is otherwise just sitting there. Nobody is using it for anything and it's not growing.

It's generally a riskless thing thing to put your money in so it's not surprising that a few funds have gone big on it. They will fold the bet eventually.