It may not be immediately obvious that all banks run their own "stablecoin": LD: "Ledger Dollars". How do "internal bank ledger dollars" differ from stablecoins?
As well, very many countries of the world "peg" their currency to the USD.
From https://www.investopedia.com/terms/c/currency-peg.asp :
> Countries will experience a particular set of problems when a currency is pegged at an overly low exchange rate. On the one hand, domestic consumers will be deprived of the purchasing power to buy foreign goods. Suppose that the Chinese yuan is pegged too low against the U.S. dollar. Then, Chinese consumers will have to pay more for imported food and oil, lowering their consumption and standard of living. On the other hand, the U.S. farmers and Middle East oil producers who would have sold them more goods lose business. This situation naturally creates trade tensions between the country with an undervalued currency and the rest of the world.
> Another set of problems emerges when a currency is pegged at an overly high rate. A country may be unable to defend the peg over time. Since the government set the rate too high, domestic consumers will buy too many imports and consume more than they can produce. These chronic trade deficits will create downward pressure on the home currency, and the government will have to spend foreign exchange reserves to defend the peg. The government's reserves will eventually be exhausted, and the peg will collapse.
> When a currency peg collapses, the country that set the peg too high will suddenly find imports more expensive. That means inflation will rise, and the nation may also have difficulty paying its debts. The other country will find its exporters losing markets, and its investors losing money on foreign assets that are no longer worth as much in domestic currency.
https://en.wikipedia.org/wiki/List_of_countries_by_exchange_...
Is this the game:
(A USD / B USD) * X = (C LD / D LD)
Who decides what the monetary bases - B USD and D LD - are? Should online games just keep issuing in-game currency? Are gift cards also stablecoins?
Perhaps "All of the World’s Money and Markets in One Visualization" could be updated to indicate which of the depicted assets are stablecoins and which are derivatives?
https://www.visualcapitalist.com/all-of-the-worlds-money-and...
Are there some historical examples of centralized economic planning resulting in currency devaluation and subsequent directly resultant unrest?