When we talk about a 'stablecoin', we usually mean a coin that is stable relative to something we care about. In the case of most stablecoins, they care about being stable to the dollar. More specifically they aim to be worth exactly $1.
We believe there are several issues with this approach. First, it can be challenging to maintain an exact peg, especially in phases of lower demand. Second, there are increasing regulatory pressures that are especially aimed at stablecoins backed by USD. Third, in times of expansionary monetary policies (such as now), people's purchasing power is constantly being eroded. Finally, given the global nature of crypto, it does not make sense to have its major stable currency be one tied to one particular state's fiat currency.