Not only are many of them full backed, but they all trade extremely close to parity with one another. Which means that they are all considered relatively safe by the people actually holding them.
> but they all trade extremely close to parity with one another. Which means that they are all considered relatively safe by the people actually holding them.
trading rather than holding. The people doing the trades are the ones determining the pricing. The people holding are reducing the supply of the asset in the market, but they're not actively participating in pricing of trades.
The current price is the equilibrium of supply and demand. Not only are the holders holding, but the market makers are providing liquidity at those prices. Deep liquidity.
https://cointelegraph.com/news/trueusd-audit-shows-full-us-d...
Not only are many of them full backed, but they all trade extremely close to parity with one another. Which means that they are all considered relatively safe by the people actually holding them.