it just came out of thin air.
free money.
free money is good it can pump bitcoin higher 👍💪🐠🐡🐟🐙🥓🌮🌍

Stable coins are always centralised. Blocking is done by by owner/developer. This also beside it is centralised also makes stable coins not permisionless. Since you need permission from owner/developler if you can or not use it

Stable coins are not cryptocurrencies!!!!

https://decrypt.co/70732/tether-reveals-reserves-breakdown-for-the-first-time-since-2014

Tether Reveals Reserves Breakdown For The First Time Since 2014
The stablecoin issuer has revealed that nearly 76% of its reserves were held in cash and cash equivalents as of March 2021.
Scott Chipolina(c)
May 13, 2021

Stablecoin issuer Tether (USDT) has revealed a breakdown of its reserves for the first time since 2014, according to The Block.
https://www.theblockcrypto.com/post/104780/tether-usdt-reserves-breakdown-first-time-since-launch

Or you can use XHV and xUSD instead

Well, tether is likely not a decentralized cryptocurrency otherwise censorship wouldn't be possible without community or public participation.

A truely decentralized cryptocurrency may only allow censorship if a transaction has been publicly proven to dangerous/immoral. It has to be done publicly rather than in secret, and the reason for the censorship clearly stated and visible to the public. Besides, there has to be list of rules that guide this to prevent abuse.

I'm not sure we have truely decentralized cryptocurrency that censors transactions the right way yet, otherwise  no one will complain too much because it will be fair system.

It's not just tether, Exchanges (centralized) and gambling sites are doing this for years. There are going to be a clear distinct branches of cryptocurrency, one being centrally controlled and another being decentralized, Decentralized coins and exchanges would be marginalized by the government so much that it would be hard to cash in and out from them in the near future. But the value would still be determined by the market.

https://muellerberndt.medium.com/is-tether-a-black-swan-51095720b01c
Is Tether a Black Swan?

"In this article I attempt to address the following questions:
How would a loss of confidence in Tether play out in the short term?
Who would get most rekt if a Tether-related crash happens?
Would a Tether confidence crisis be a black swan event* that would severely impact the market?"

https://decrypt.co/76424/circle-unveils-backing-behind-dollar-pegged-cryptocurrency
Circle Reveals Backing Behind Its Dollar-Pegged Cryptocurrency USDC
Today, Circle, the company behind the stablecoin USDC, revealed the reserves that back the dollar-pegged token.

"According to a report written by Circle’s accountants Grant Thornton, which was issued on Friday, Circle held $22,176,182,251 in its account at the time of the report. Grant Thornton accountants verified that the figure equated to exactly one dollar for every USD Coin in circulation.

More than 60% of that number, or $13.4 billion, is held in cash. A quarter of the total reserves are split between Yankee Certificate of Deposits—a type of savings vehicle denominated in dollars—which account for $2.9 billion, and U.S. Treasury securities, which account for $2.7 billion. The remaining 14% is split between commercial paper and corporate bonds.
"
https://www.centre.io/hubfs/pdfs/attestation/Grant-Thorton_circle_usdc_reserves_07162021.pdf

https://tether.to/latest-assurance-opinion-confirms-tether-fully-backed/
Latest Assurance Opinion Once Again Confirms Tether’s Reserves Fully Backed; Tether Continues to Lead The Industry on Transparency.

Paolo Ardoino, Chief Technology Officer at Tether, said:

“As an industry leader, we understand the importance of transparency and accountability. Our most recent assurance opinion from Moore Cayman again confirms Tether is fully backed.  A healthy and conservative portfolio with an emphasis on liquidity continues to fuel our growth and confidence in our innovative offerings.”

https://twitter.com/Tether_to/status/1424703057926008834

https://tether.to/wp-content/uploads/2021/08/tether_assuranceconsolidated_reserves_report_2021-06-30.pdf
______________

https://decrypt.co/78407/can-circle-win-stablecoin-wars
"Can Circle Win the Stablecoin Wars?
Circle wants USDC to be king of the stablecoins, but a lot of things will have to go right for that to happen.


In brief
Circle wants USDC to challenge Tether as the dominant stablecoin.
There are questions over USDC's reserves.
Circle is facing tough legal and business challenges."

__________________
The competition in the stablecoin market is huge.

https://decrypt.co/79257/paxos-stablecoin-pax-dollar

Paxos Rebrands Token as 'Pax Dollar' Amid Stablecoin Wars
"Paxos gives its token a new name, Pax Dollar, as the company tries to challenge larger stablecoin rivals.

In brief
The company's "Paxos Standard" coin will now be known as "Pax Dollar."
The move comes as Paxos tries to challenge stablecoin giants like Tether and Circle."