The thing is, when you bind your crypto to an asset you can create money out of thin air and claim it's backed by something when it's really not. Tether is already accused of doing this. People think that there isn't enough USD to back up Tether. Tether is tied to Bitcoin so this inflates the value of Bitcoin; Bitcoin will crash if Tether crashes. Also, if everyone tries to pull out their money the people who are last lose everything.

We've already tried to bind USD to gold. What an abysmal failure. Why would crypto be any different?