Stablecoin is about price stability regardless of mechanism to achieve that goal.

The ultimate goal in cryptoland stablecoins is price fixing.

Is price fixing illegal? Yes, but his requires 2 or more groups setting prices.

What if one company did price setting?

Could you argue that the Tether secondary market is helping Tether price fix? No, because if you believe in the integrity of the exchange this is supply and demand.

Price fixing is the absence of supply and demand.

If a crypto achieved stable fixed price at one dollar would they consider this real dollars? If they are thinking clearly, they should say no.

People that want to regulate all stablecoins need to come up with a better term of what exactly they want to regulate. And just using the term stablecoin does not cut it.