To be clear I believe USDC is backed 1:1, in no small part because they're audited by Grant Thornton. [1] If those folks can do it, remind me again why USDT can't? Somehow Circle was able to overcome the seemingly impossible burden of their auditors only writing reports in Mandarin lol.

[1] https://www.circle.com/blog/usdc-reserve-attestation-report-...