It's worth noting that there's nothing different between a stablecoin with a 1-to-1 ratio, and any entity that holds deposits. Like a bank Paypal, Stripe. Whether you call them Dollars or BrandDollars, if it has a 1to1 ratio, it's actually a dollar.

People are confused because they usually can't distinguish between net emission and gross emission, if you hold a deposit or a loan, you have increased the gross amount of dollars in the economy, but of course you have created an equivalent liability. There's no semantic or technical difference between loaning a dollar, holding a dollar in deposit, or issuing a dollar-equivalent token.