Pro-Crypto Senator Lummis Thinks Stablecoins Should Face Audits — CoinDesk

Earlier this year, the two largest stablecoin issuers revealed that their products were backed by a combination of cash, cash-like products, short-term securities and commercial paper. In attestations published earlier this year, Tether executives announced that roughly half of Tether’s reserves are held in commercial paper, while Circle’s reserves are largely comprised of cash and highly-liquid money market funds.