In short it's a a hard problem and area of active research. Stablecoin mechanisms have tradeoffs whether that's being on a public blockchain, a centralised par

In short it's a a hard problem and area of active research. Stablecoin mechanisms have tradeoffs whether that's being on a public blockchain, a centralised party, collateral risk or lack of privacy. Monero is the current gold standard when it comes to privacy but trades off speed (confirmation blocks), mobile friendliness and a volatile price. On the other end of the spectrum Tether is very stable but is produced by a centralised entity and is on a public blockchain. From Moxie's 2017 interview (https://www.wired.com/story/mobilecoin-cryptocurrency/ https://www.wired.com/story/mobilecoin-cryptocurrency/) we can safely assume that their list of requirements existed from the start (MobileCoin didn't have much to show at this point). Since then it's been public knowledge and since the market cap of MobileCoin is dictated by the market so I'm not sure about your penny stock comment, it seems more sensible to direct criticism at their lack of distribution transparency.