Are they safe enough to transfer money? Yes they are. Are they safe enough that I would keep my money in stablecoins for a year? They are not. For just moving money around they are very good for me, because I have them for like 15 minutes max and I doubt anything will happen during that 15 minutes, it may, but it's a rare chance. Whereas if I keep them for a year, anything bad could happen, this is a world even dictators are picked from their beds, companies are not safe from governmental outreach.
I agree with you. Stablecoins are quite convenient and a big plus compared to the early days of internet we needed paypal to transact online from country to country. Stablecoins are a great addition to crypto industry, but unfortunatelly, they aren't safe for long term holdings. We are never assured the people behind them have a solid or even a real collateral to cover the amount of money in circulation through their stablecoins.
Let's consider a hypothetical scenario where 90% of stablecoin holders started mass selling their coins suddenly. How would the ratio 1:1 to dollar currency would be maintained?
It's not an exclusivity of stablecoins, though. We have to keep in mind even banks would bankrupt on that scenario, what means they aren't safe for long term holdings too, unless there is a Credit Guarantee Fund involved.
