Thoughts on the 'stablecoin' narrative for new projects

Been seeing a lot of new DeFi projects launching with their own take on a 'stablecoin' recently. It's almost become a default feature, a perceived necessity, even if the underlying collateralization mechanism isn't particularly novel or robust. My personal take is that a good portion of these are unnecessary, adding layers of complexity and risk without a clear, differentiated value proposition beyond what established players already offer. The allure of being able to 'print' your own money, even if algorithmically backed, seems to be a significant driver.

I wonder if the market is going to start discerning more sharply between genuinely innovative stablecoin designs and those that are essentially reinventions of the wheel, often with less battle-tested security. With so many vying for adoption, it feels like we're heading towards a saturation point where the capital efficiency and reliability of a project's stablecoin will be scrutinized far more heavily. For example, why launch a new one when you could integrate with existing, liquid options? Maybe I'm missing the bigger picture here, but it just feels like an area ripe for a shakeout. Keen to hear where others stand on this.