When it comes to stablecoins, it seems that everyone has already accepted centralized USD stablecoins. However, back in 2017-2018, the discussion was still about decentralized stablecoins and algorithmic stablecoins. Of course, it might be because the collapse of Luna was too significant, leading to a general rejection of algorithmic stablecoins. What attracts me the most is a monetary philosophy—crypto currency. The exchange rates of fiat currencies from various countries are essentially a reflection of the economic vitality exhibited by that country in the market's confidence. If the most original form of a crypto stablecoin should be a cryptocurrency anchored to the on-chain economy, it needs to achieve a relative balance of on-chain economic activities. For example, XMR serves as the payment currency, and even a stablecoin, for the dark web economy. XMR is anchored to the economic activities of the dark web and can maintain a relatively stable price over a longer period. DOGE, on the other hand, is another currency and stablecoin of the MEME economy. If the centralized stablecoin track is visible, there may also be a hidden track where the most original crypto currency gradually evolves into a relatively stable stable crypto currency. In simple terms, originally a cryptocurrency represented a certain on-chain economic activity. As this economy transitions from expansion to stable balance, the price of this cryptocurrency will also stabilize, and it will become a currency and stablecoin that circulates within the economy. This seems to be the path to replace fiat stablecoins from the most fundamental logic, allowing on-chain economies to replace national economies.