Stablecoin based on average of major currencies

[Rodrick12]

Probably the idea has been already put forward in the past, or maybe the concept has even been already implemented, but I could not find (but I did not search extensively...) any reference on the web...

All stablecoins that I know about are stable when compared to specific fiat currencies or assets. For example, DAI and USDT are stable compared to the Dollar.

Some of them are backed, like USDT, other ones are algorithmically stabilized, like DAI.

Let's consider the second ones for this idea.

In the view of a global economy, would it make sense to create a stablecoin, which is algorithmically stabilized on a price which is a weighted average of all the major currencies?

The idea came to my mind when thinking that, as the USD is not my local currency, holding USD based stable coins could represent an issue when the USD should fall in value compared to my local currency.
Having a stablecoin stabilized towards an average of the major currencies would reduce this issue.
And, in general, would make my investment resistant against possible unbalances between major economies.

I'm not economist, so maybe the is a flaw in the reasoning... But I would be interested in hearing your opinions!

[1714987671]

1714987671

[1714987671]

1714987671

[1714987671]

1714987671

[1714987671]

1714987671

[1714987671]

1714987671

[1714987671]

1714987671

[nagor2]

Can you contact me in telegram? @hypermosu

I want to talk about your idea.

[hongchao123]

So, you are suggesting something like s&p indicator  but for crypto? Also, where were btc bear and btc bull tokens that we depended from btc price directly

[tyz]

In the view of a global economy, would it make sense to create a stablecoin, which is algorithmically stabilized on a price which is a weighted average of all the major currencies?

This is basically exactly what Facebook is planning to do with its crypto-currency, whose value is based on a basket of currencies and for which the company has received enormous headwind from governments and financial companies around the globe. If Facebook has had enormous difficulties in implementing such an idea so far, then I don't think we need to discuss whether anyone else could (legally) implement it.