Tether (issues usdt) is winning big right now because they mostly hold short term t bills.
Well, they claim to. Since Tether is officially sitting on a giant money printer, their best strategy is to do absolutely nothing but count their money. So insofar as they're doing anything else it suggests they're lying.
After the BUSD debacle, it’s clear that onshore and regulated reserves for stablecoins are a huge risk for defi dapps built on top of them. US policy regarding USDC and other such US regulated stablecoins are at risk of change at any time. Since well designed defi dapps are not upgradeable, future policy risks must be considered when choosing which stablecoin to utilize. USDT’s offshore and opaque balance sheet is proven safer for defi dapps than US regulated stablecoins. I wish this weren’t the case, but it’s proven in practice.