Thinking about Stablecoins

Stablecoins are different from other cryptos in that they make certain claims. All cryptos are representative money, representing some fiat money, or other assets if asset backed. All cryptos have counterparty risk. All digital money has counterparty risk, including bank balances and Paypal balances. Physical cash in your hand does not have counterparty risk. Cash is not intrinsically valuable, but it is the thing itself (money). Bitcoin or any other crypto you control still has counterparty risk- because they are not dollars themselves. They get their value from some price in another thing (currency). Regulatory issues for stablecoins. Are they securities? Follow up questions not discussed- Are Tether's customers re-issuing a different security when they sell tether on the secondary market since the rights or claims of tether issued by Tether are not transferred? If part of the SEC 's mandate is to protect consumers why do they appear to not be interested in protecting the secondary buyers of tether who often are US citizens who purchase tether from Tether's direct customers. How are the staking products by Kraken that give a reward (investment return) different from BlockFi interest bearing accounts, which are securities according to several state securities regulatory boards? Contact info: [email protected]