If we really want stablecoins to replace fiat, we need to make on-chain Proof of Reserve mandatory for stablecoins, so we can check the backed assets in real-time. The major centralized stablecoins only provide monthly attestations, which poses a risk and is the reason why $tether sometimes is worth .998$ instead of 1 USD. We need full transparency for adoption, and unfortunately the on-chain stablecoins like $DAI are not winning the battle. See below for the big ones that don't do real-time attestations. USDT (Tether) – Monthly attestation reports from an auditor (BDO Italia). No on-chain proof of reserves. USDC (Circle) – Monthly attestations (from Deloitte since Jan 2023). No direct on-chain proof of bank balances. BUSD (Binance USD) – Was issued by Paxos with attestations; issuance is winding down in 2024–2025. USDP (Pax Dollar, by Paxos) – Monthly attestations. No on-chain proof. PYUSD (PayPal USD, by Paxos) – Same as above (Paxos attests). GUSD (Gemini Dollar) – Monthly...
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