The failure of algorithmic stablecoin TerraUSD earlier this month prompted investors to seek refuge in other crypto assets that try to maintain a one-to-one peg with the US dollar. Tether’s USDT briefly lost its dollar peg and dropped to 95 cents on May 12 as a result of the subsequent market downturn that shook cryptocurrencies and stablecoins alike. Tether has also released an assurance report on its stablecoin reserves, which was issued by the Cayman Islands auditing firm MHA Cayman.
Jeremy Allaire, the co-founder and CEO of Circle, has stated that the cryptocurrency firm that issues the stablecoin USD coin will give weekly stablecoin reserve reports to the public.
Tether and Circle, the two major stablecoin providers, want the world to know that tether (USDT) and USD coin (USDC) are entirely backed by reserves.
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Source: https://coinpedia.org/news/tether-and-usdc-to-publish-assurance-reports-weekly/