From what I have understood, the basic needs of a centralized stablecoin that we might want to start from are two things:
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Global Viewing Keys - Assign a central authority to be able to identify addresses that own the Stablecoin ZSA
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Global Freezing Keys - Assign a central authority to be able to freeze addresses that own the Stablecoin ZSA
I am sure there is a bunch more nuance here than what I know about, and thus would love to see this matter researched further. Otherwise we are taking a risk of again falling behind. Stablecoins happened on Bitcoin already long ago - we need to catch up.
Maybe a research grant could be explored to find out:
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What are the requirements of different stablecoins - Compare different jurisdictions to see where it might make sense to start. Maybe US-based stablecoins are the hardest to work with and thus we should look elsewhere?
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Research ways of fulfilling these requirements to some degree, without compromizing the core tenets of Zcash - This would require comments from the Zcash community as well as Zcash Foundation to understand what are things that should NEVER be changed in Zcash, and then figuring out intelligent ways of compromise with the results from 1.
Would anyways love to see ZF people note this, especially at seems like a recent thing on their minds based on this comment by @joshs.