Backed by cash in a bank account doesn't mean that much. As you probably know any bank will take deposits and use them for loans. Strangely USDT sells at a pre

Backed by cash in a bank account doesn't mean that much. As you probably know any bank will take deposits and use them for loans. Strangely USDT sells at a premium to USDC (audited) for years now. My guess is it will slowly be replaced by an audited stable token if the market wants that.