Report on Stablecoins [pdf]
This is good. The backing of stablecoins is a very real issue. As the Treasury points out, there's a very real possibility of a run. Two stablecoins have crashed so far, SafeDollar SDO, and $TITAN.  They went all the way to zero.Can Tether survive a net outflow? Probably not. They don't have the collateral.Dai is really a derivative of Etherium. Dai is backed by Etherium at 150%. So
value in Dai is at risk if the price of Etherium drops more than 1/3.  Etherium dropped by half back in May 2021, but recovered. DAI could have crashed at that time if it faced a net outflow. It didn't, though.The real question is what happens in the next recession.