Isn't the whole point of stable coins to: 1. be pegged to the us dollar? 2. be created against a real usd equivalent? You get 1M in USD. You convert it to 1M

Isn't the whole point of stable coins to: 1. be pegged to the us dollar? 2. be created against a real usd equivalent? You get 1M in USD. You convert it to 1M USD stable coins. You invest the 1M in USD in t-bills at low yield, but still yield. The receiver of the stable coin can spend it as the "real" usd. The stable coin issuer profits on the t-bill yield.