Every year, there’s at least one wave of FUD about USDT and USDC. The main reason they’ve managed to survive is that they haven’t touched users’ funds, and their own funds are stored securely. The last major crisis was probably during the Silicon Valley Bank collapse, when USDC had only about 7% exposure to the bank, yet it triggered the biggest crisis since its inception. Having sufficient reserves has become the standard for stablecoins, and transparency is the most important safety net. The wild west era of stablecoins is over—only transparent, compliant, and responsive stablecoins can survive in the market for the long term. Recently, USD1 has been getting a lot of attention due to its high subsidies, and becoming more transparent is definitely a good thing.