Bitcoin is not pegged to anything. It is native to the internet free from central control and operates on a decentralized network that no state or institution can unilaterally shut down. This independence gives it a different kind of utility beyond payment rails or stable storage of fiat value. It allows for value transfer that is truly global borderless and resistant to censorship.

The takeaway is that stablecoins are an evolution of the existing financial system while Bitcoin represents a foundation for a parallel one. Both have a place but only one removes the need to trust or rely on the very system that many hope to move beyond.