"...USD is the most stable asset in the world..."
No, it's not. Thousands of years ago you could trade an ounce of gold for a custom tailored toga and sandals in Rome, and today you can trade an ounce of gold for a custom tailored suit and a pair of shoes in NY City. Try to find anything that is the same price in dollars today it was just ten years ago.
"With gold we would be gambling with network debt and hoping that the value of gold stays low."
What? I used to think you were so smart I couldn't understand you. Now I am beginning to suspect you're just wrong.
Inflation devalues debt, which is why it causes interest rates to rise, because that enables issuers to justify suffering inflationary loss. That's why the interest rate on HBD is 20%, because that pays investors to hold that debt that is constantly devaluing as USD loses value through erupting into the universe like particles at the Schwarzchild Radius of a black hole. Dollars just appear on the balance sheets of banks lending them out, and since January 2020 that rate has of issuance has increased at a far higher rate than 20%.
Gold does not have this problem, and were HBD pegged to gold Hive would have to pay a far lower interest rate to convince people to hold it.
At the outset of sanction Russia jacked it's interest rate up to 20%. Overnight the ruble gained value against the dollar. Investors were compensated for the parasitic losses to inflation and sanctions by that interest rate. The ruble has outperformed every fiat and cryptocurrency in the world to date.
Gold would be a vastly better peg than dollars, except for the ignorance of normies that are the market for HBD and dollars alike. Inflation robs them, and they don't buy gold. It's notable that PM markets are notoriously manipulated by JP Morgan, who serially is convicted of criminal fraud for it. They pay a fine, a couple desk jockies go to jail, and they continue to profit by issuing massive sell orders in the morning that they cancel without fulfilling because that sets the price on the market.
Eventually that will end, because JP Morgan will no longer exist. It's covertly government policy to conceal inflation and skin rubes. We live in a world governed by fraud and actual consequences can only be hand waved away for so long. Issuing more debt just increases inflation.
Hello Zimbabwe? Weimar Germany? Venezuela? Want sound money? Peg it to gold. That's what Zimbabwe is doing, finally, now that Mugabe is gone. https://www.reuters.com/business/zimbabwe-introduce-gold-coins-local-currency-tumbles-2022-07-05/
Gold is the stable currency, and dollars are trash.