[Supermancho]

The why stands. If the Fed got involved in transitioning the currency, which seems MORE likely under this administration (because of the grift and corruption), then they will be negotiating with the stable coin providers and the grift will follow the normal trajectory to the moon or whatever. The arbitrary "not until some independent shows the paperwork" will never be on the table.

[daveguy]

Independent audits aren't arbitrary. They're the standard by which you can tell whether an organization is lying about their finances. Double entry accounting and receipts makes it pretty difficult to fake especially when the claim is as simple as "don't worry, we hold the backing value in treasuries." Of course, the independent part has to be truly independent and not paid for by the audited. But they refuse independent audits.