Coinbase, which happen to be a Y Combinator unicorn, is saying they're totally fine. Credit where it's due: Coinbase never ever dealt with Tether/USDT. They say the $42 billion of USDC they minted are all backed and that all the clients' assets on their site (USDC/coins/EUR/USD/etc.) are all backed 1:1.

I hope Coinbase is and stays an honest (and regulated) player in that crazy space:

https://www.coinbase.com/blog/our-approach-to-transparency-r...