Looking forward to Sister Bee's analysis. A personal opinion: Saying that stablecoins are fully collateralized is a misinterpretation of the balance sheet. Leaving aside the issues of having too many high-risk assets as reserves, lacking central bank liquidity support, and not having commercial deposit insurance, you can also use commercial bank standards to calculate and evaluate Tether's balance sheet, looking at its core reserve ratio and capital adequacy ratio. While commercial banks no longer have a statutory reserve ratio, they generally maintain around 12% for many years. Their capital adequacy ratios are even more inadequate.

Haha, we've gotten a bit off-topic while chatting. The coins in my table are interest-bearing stablecoins, meaning you earn interest just by holding them, without needing to pledge them. USDT and USDC are not interest-bearing stablecoins. I was just talking about interest-bearing stablecoins, not specifically USDT and USDC. USDT's so-called full collateral is really just that—collateral—and it even includes BTC. USDC's collateral often includes a lot of US Treasury bonds. The collateral for the interest-bearing stablecoins in my table is primarily US Treasury bonds.