Fundamentally, for every stablecoin put in circulation via an exchange that provides the fiat-backed stablecoin dollar or the currency to the coin it is pegged to, is put into. As a result, the stablecoin is bonded to the currency of that currency. Consequently it is believed that holders of stablecoins have the ability to transform them into fiat currency in 1:1 ratio. Stablecoins that are in circulation are linked to other assets, however fiat-backed stablecoins make up the majority of market capitalization.
Lilly Wilson
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How does Stablecoins work?
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