[nl]

Tether reports on what it is backed by: https://tether.to/en/transparency/#reports

USDC reports on what it is backed by: https://www.circle.com/en/usdc#transparency

There is a fair argument that USDC backing assets are higher quality than Tether, but in both cases it is not reasonable to say there is "zero accountability for whatever the asset is leveraged against"

I think this is very different to algorithmic stable coins which are backed by the value of crypto assets. There are dangers there that aren't well modeled.

[smoldesu]

Transparency != accountability. These currencies can put whatever stats they want on those pages, but there's nothing holding them accountable for those figures.