> Which factors? Who'd buy them at a premium? Wouldn't any auction of >1 bidders stabilize at face value?
Think of the stablecoin as an ETF. If people need to launder money or take advantage of a programmatic bug, that would raise the stablecoin price over $1.
By default, I'd imagine the reduced liquidity and counterparty risk (relative to dollars) would cause the stablecoin to trade at a discount to cash, particularly when auctioned by the government. (You have to spend resources monitoring the auction, closing the transaction, and cashing out to complete the arbitrage.)
Almost certainly not. They would trade at a premium or discount, depending on a number of factors.