What is a STABLECOIN in 2022? What are stablecoins used for? Are stablecoins safe?

What is a STABLECOIN? Are stablecoins safe? A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the U.S. dollar or gold, to stabilize the price. Discussion with Tony Denaro about fiat based stablecoins, commodity based stable coins, crypto backed stablecoins, algorithmic stablecoins, and CBDC Central Bank Digital Currency #TonyDenaro #Stablecoin #Stablecoins

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Top 10 stablecoins by Market Cap as of April 2022:
Link: https://www.coingecko.com/en/categories/stablecoins
Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
TerraUSD (UST)
Dai (DAI)
Magic Internet Money (MIM)
Frax (FRAX)
TrueUSD (TUSD)
Pax Dollar (USDP)
NeutrinoUSD (USDN)

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What Is a Stablecoin? https://www.investopedia.com/terms/s/stablecoin.asp
A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.

KEY TAKEAWAYS
Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference.
Stablecoins may be pegged to a currency like the U.S. dollar or to a commodity's price such as gold.
Stablecoins achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives.