Anyone who knows about central banking realizes it's a scam. Debt with interest can not be paid back. The American Dream is a pyramid scheme. However, it's a very good scam that hasn't caved in on itself, yet.
The Federal Reserve has a very good sense of how far they can push the limits of the economy. USD is a product, and the fed owns it. They control interest rates and they control inflation. The gold standard is dead. Dollars are backed by nothing but hopes and dreams, but mostly by war and Big Oil.
A very tenuous situation has been created. Our economy is being sucked dry by the corporate elite, but because the corporate elite and banking elite are in bed together they are constantly bailing eachother out to stop our Titanic economy from sinking.
However, a shift in power may blow this house of cards over by the winds of greed. The corporate elite has been offered a seat at the big boy table via stable coins. These guys can't resist the opportunity to print their own currency.
Do corporations have any experience with regulating themselves and keeping the economy afloat so they can stay in power? No! Corporations are designed to make as much money as possible in the shortest period of time.
Each one of these companies pinky swears that they aren't going to print money out of thin air. Some will operate within the law. Some will pay to have the law bent. Some will break the law with the hope of escaping justice.
All three of these groups are going to find the means to leverage their position to leech this broken economy even more than they are now. This is not going to end well.
Debt creates debt. It's amazing that we've even been able to keep this charade going this long. They use the lessons of the past to become the masters of borrowed time. Rome has got nothing on us.
Every time Tether or another stable coin loses its peg you need to ask yourself why. If the answer is because the bank involved is a fractional reserve and they can't reclaim their loans fast enough to pay off their own debt, this is a problem. That's why I'm so bullish on Maker: the goverance coin of stable coin Dai backed by 300% Etherium. Compare that to the bank that backs Tether with 10% reserves. There is no contest. Crypto wins.
Bottom line: the next financial crisis won't be because of stable coins. Our lack of mainstream adoption ensures this. There are plenty of other ways the economy can tumble in the next year or two.
However, in ten years we might find ourselves in a situation where fiat becomes completely obliterated by the hands of these inexperienced corporations. Decentralization of power isn't always going to work out in everyone's favor.
These corporate toddlers will not be able to exersize the same restraint that the Fed has acquired over the decades. They will go mad with power and run the economy into the ground when crypto goes mainstream. Perhaps this will be a blessing to all of us here that see it coming in advance.