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I understand that the Clarity Act may pass soon, bringing massive changes to the Cryptocurrency industry as a whole in the U.S.A.
My question is simple, will Stablecoins finally be held to the same accountability as any other institution like the Federal Reserve that is in charge of printing money?
As it stands in my eyes right now, we have a massive future problem on our hands in that we have multiple stablecoins that are pegged to the value of a dollar and do not move in value, but can be printed with the click of a button.
Bitcoin $BTC, Ethereum $ETH, Ripple $XRP and every other crypto in existence thrives primarily on $USDT trading pairs in addition to other stables.
It makes me question how much of this liquidity in the crypto market as a whole is actually real at all?
How have we allowed these institutions that I cannot seem to find any solid information on about audits that confirm 1:1 collateral that there is a dollar in a bank account somewhere for every $USDT Tether token that is minted.
Without true collateral, they are essentially acting as a shadow federal reserve without regulation entirely.
Where is the accountability?
As far as stablecoins are concerned, $USDC seems to be the best built one on the scene, although I struggle to find information on any stablecoin providing proof of real collateral.
Is the entire industry that crypto has built since 2016 when Bitcoin was trading at 450 dollars been built on a lie?
Can someone out there provide solid proof that these stablecoins that every single cryptocurrency in existence rises and falls based on, are actually backed by true fiat currency that has transitioned to the blockchain?
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