Hmm, so both USDC and USDT have issues with the same claim? Before I did some research, and it seemed like USDC was more trustworthy of the two. Looks like in reality this might not be the case.
USDC on the other hand is run by one some the biggest and most trusted crypto companies in the world, and will to go public on the New York Stock Exchange soon.
If you can’t see how stablecoins backed by “commercial paper” (Mostly IOUs from crypto exchanges) is a bad idea I’m not sure what to tell you.
I mean we have a name for when a company does this with actual dollars and it’s called a bank, and we regulate and license those.
How do you know this is true?
For me the biggest red flag is that these "stable"coin companies don't make their escrow books public. There is zero reason to keep it secret, except fraud.