Like Tether? They’re currently in the middle of a fraud case alleging they are not at all backed by USD and thus the peg is supported by fiat and liable to fall off.

(I mean this in the dictionary sense of the word fiat that gives meaning to the phrase fiat currency. I don’t mean tether is supported by fiat currency)

Someone’s bonus and job depends on them appearing “innovative”.

This is an important point I missed, thanks.

I am totally on board a pegged crypto currency that tracks US dollar. For me and many others I presume, stability is far more important than anything else that crypto currencies have to offer.

Well there are certainly plenty to choose from, the major downside to stablecoins is that you need to place trust in the mechanism that ensures they are actually stable. Tether is the biggest one and it's pretty unclear whether they are trust worthy.

IMO one of the most important properties of cryptocurrencies is that you only need to place trust in the code & that the miners are selfish.

Not to invalidate your point, but Tether is a particularly untrustworthy example. USDC is another centralized stablecoin that's more transparently managed than Tether, and then DAI is a decentralized stablecoin that keeps its value through a smart contract that manages collateral and minting in order to keep its value steady.