> But that is a poor argument against what stablecoins could be.
Why did the argument suddenly switch from "have been for years" to "theoretically there could exist a stable coin that isn't outright fraud"? Is the reason that you can't think of a single example that is actually trust worthy?
USDC decided to remove guarantees from its site and invest its reserves as it saw fit without any guarantees or limitations on risk in 2021 before returning to form several months later. This happened despite the reserves being subjected to attestations every month. So it might be a good idea to start a list of trust worthy stable coins with just about anything else, especially if you want to give the impression that the attestations are actually worth the paper they are printed on.
Why did the argument suddenly switch from "have been for years" to "theoretically there could exist a stable coin that isn't outright fraud"? Is the reason that you can't think of a single example that is actually trust worthy?