Stablecoin is all about trust and transparent reserve.
They already got the trust and if they can provide transparent reserve audit, I'm sure people will use their stablecoin.
Their only concern is how to make Dex and Cex use their stablecoin because that's where the trading volume comes from.
If limited amount of cex and dex are using their coin, it will be like PYUSD, exist but still in different league compared to USDC and USDT.
We have a lot of stable coins already, so it's just weird that suddenly Meta wanted to have their stable coins, but they have their reasons for sure. So it's not that easy to gain trust, maybe if this is still in the beginning, they will have the reputation and transparency.
As what we have seen before, during the 2018, there are a lot of questions on USDT and accusations against them of running in fractional reserves and they don't want to be audited by authorities. But still they continue and dominated till today, so that is a big task on Meta on how they will gain the trust and consensus.
Hi! Would like to learn your thoughts on why Tether can maintain its dominant market share while keeping its opaque reserve management scheme. Only because they are the first? Any other reasons behind?