All these stablecoins just magically acquire a bunch of commercial paper. Won't tell anyone what the paper is and seem to never had the dollars to actually "buy

All these stablecoins just magically acquire a bunch of commercial paper. Won't tell anyone what the paper is and seem to never had the dollars to actually "buy" the paper. It seems like they're receiving commercial paper from clients and redeeming it for USDC. And then likely giving the tokens to exchanges.