I don’t discuss the past. In 2017 it was tether the one that caused the bubble that put BTC at almost 20k, by issuing tokens backed by nothing

Now they generate more than 10B per year in profits. And they have been using that to collateralize their usdt

It’s clear they are now fully backed. Another question is whether they want to comply with regulations (they don’t comply with MiCA, I doubt USDC does either) but that’s another question

Hate it or love it, they aren’t going anywhere anymore