Yes, but there are non-algorithmic overcollateralized stablecoins or semi-collateralized semi-algorithmic (like frax).

Thanks but I thought Terra/LUNA showed perils of algorithmic pegging? Someone figures out how to exploit something unforeseen and it's over. 

NachoKeys

Stablesats uses a derivatives strategy, so there is no "issuer" per say.

Overcollateralized stablecoins are backed by collateralized debt positions owned by users.

Algorithmic stablecoins are a synthetic asset backed by a set of incentives to keep the peg.

bitcoin

Ask SN: Decentralized stablecoins on lightning

patrick

There are multiple ways. 

Stablesats uses a derivatives strategy, so there is no "issuer" per say. 

Overcollateralized stablecoins are backed by collateralized debt positions owned by users.

Algorithmic stablecoins are a synthetic asset backed by a set of incentives to keep the peg.