We really need to talk about how loosely the term "stablecoin" gets thrown around these days. Just because a product claims to maintain a stable value doesn't automatically make it a stablecoin. Some of what's being marketed under this label are essentially hedge funds or debt instruments dressed up in crypto clothing.

Here's the thing: if you're holding what amounts to a share in a fund with no actual rights, or a debt product where you're basically an unsecured creditor, that's not the same as holding a genuine stablecoin. Real stablecoins have transparent reserve mechanisms, clear redemption rights, and regulatory frameworks backing them up.

The distinction matters more than you might think. When everything gets lumped together under "stablecoin," retail users can't properly assess risk. They might believe they're parking funds in something as safe as traditional stablecoins, when in reality they're taking on completely different exposure profiles.

The industry needs clearer terminology. Maybe "synthetic dollars" or "algorithmic yield tokens" for these other products? Whatever we call them, let's stop pretending they're all the same thing.