Sometimes, “stablecoins” and variants such as “algorithmic stablecoins” function like historical names, as they refer to projects that call themselves stablecoins, such as Basis Cash, Elastic (NYSE:ESTC) Set Dollar, Frax and their clones.
The word "stablecoin" can be used as a logical description for “a cryptocurrency designed to have low price volatility” and has “stores of value or units of account,” or “a new type of cryptocurrency that often have their value pegged to another asset… designed to tackle the inherent volatility seen in cryptocurrency prices,” or a currency that can “act as a medium of monetary exchange and a mode of storage of monetary value, and its value should remain relatively stable over longer time horizons.”
Manny Rincon-Cruz serves as an advisor to the Ampleforth project and is a co-author of the protocol’s white paper. Manny is a researcher at the Hoover Institution at Stanford University, where he helped to launch and currently serves as the executive director of the History Working Group.