[carlosdp]

This already exists, Circle Finance + Coinbase issue USDC, for example. It's just backed by 1:1 actual USD (at least it will be 1:1 very soon, as in 100% reserve, according to public statements, I haven't checked recently if that is complete).

[whimsicalism]

They definitely do not back with 100% paper. They hold bonds and potentially corporate paper as well.

[TuringNYC]

Is there a central location where the public can see the public statements frequently updated? I'm very skeptical about a public filing from three months ago when collateral was worth 2x what it is today...

[ac29]

https://www.centre.io/usdc-transparency

The extent of the detail that is given in the latest report is that their backing assets are "limited to cash and short-dated U.S. government obligations".