For what it's worth makerdao also created DAI backed by crypto collateral (and stablecoins) and right now the outstanding debt from maker alone is like 2B+ and

For what it's worth makerdao also created DAI backed by crypto collateral (and stablecoins) and right now the outstanding debt from maker alone is like 2B+ and growing pretty rapidly (daistats.com). I know for a fact that many traders are using makerdao to leverage their crypto holdings to buy even more crypto, so there's definitely a circular money pump that happens (for example: WBTC-A vaults have an outstanding 240M$ debt, presumably significant chunk is used to buy back more BTC).