> What actually maintains the value of the US dollar is the long dick of the US government through the Fed obviously but also the US government itself. It's the ability to project military power anywhere on the planet. It's the nuclear arsenal.

I started reading yesterday on DAI, an algorithmic stablecoin running since 2017. The thing is: a sizeable percentage of DAI is made of... USDC (a non algorithmic stablecoin created by Coinbase/Circle/Centre). They overcollateralize it and so far so good (since five years). They're even saying they're so overcollateralized they should widthstand USDC going to zero (or their USDC wallet being frozen by Coinbase, as Coinbase can do if asked to by the US authorities).