USDC only has half the market cap of Tether. In fact, Tether has a higher market cap than all the other stable coins combined! So everything I've said is still

USDC only has half the market cap of Tether. In fact, Tether has a higher market cap than all the other stable coins combined! So everything I've said is still true even if some operators are not as shady as the market leader. https://coinmarketcap.com/view/stablecoin/ https://coinmarketcap.com/view/stablecoin/ However, even USDC is still doing fractional reserve banking because an unspecified amount of its reserves are tied up in securities that have maturities up to 90 days, so they are still susceptible to a bank run. Though, granted they seem to be running a much more respectable operation than Tether. The third biggest stable coin BUSD, looks pretty shady as well. They release monthly audited accounts (good), but they're terse as hell. What liabilities do they have? Have these reserves been used as collateral in loans? Which banks are they in? What steps have the firm taken to audit these funds? No way to know, we're just get a terse list of aggregate numbers. https://paxos.com/attestations https://paxos.com/attestations