A true decentralized stable coin would trade right at $1 at all times and be backed be decentralized collateral, provable math based system. The only one I know of is Dai. Even if the value of ETH dropped past 90% in a flash it would still survive and trade right at $1 since the economics behind it make this way. You can see here it tracks the dollar near perfectly - https://coinmarketcap.com/currencies/dai/
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