Terrible start with that first sentence "Canonically a stablecoin is only issued in return for fiat currency." What about DAI that is backed by ETH and other v

Terrible start with that first sentence "Canonically a stablecoin is only issued in return for fiat currency." What about DAI that is backed by ETH and other volatile assets? What about OUSD, which is a yield-bearing stablecoin that is backed by other stablecoins? If they were borrowing stables against their BTC, they could deploy those into Anchor for 20% APY which was far higher than they could have gotten lending out BTC directly. It was still a terrible idea, but it's not accurate to say the collateral was not being used productively to generate yield.