Regarding a gold standard: sometimes a government has an unforeseen crisis, and they need all help addressing it. You can think of it similar to the way you might use a credit card to get by. That should rarely be resorted to, but if it’s an emergency, it’s justifiable. The problem is the US has resorted to monetary policy too often (and the reason they have gotten away with its overuse is due to the US dollar’s hegemony…) So you don’t necessarily need a hedged asset to make a currency credible; you just need a conservative fiscal policy and disincentives to hoarding it.
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Warren wants stablecoin regs. Demanding auditing by reputable disinterested parties would be a very reasonable thing to do -but alas, that would never see the light of day with Captain Bunker Boy and the Repubs! (And Biden wouldn’t have wanted stablecoins themselves to begin with, given his dollar hegemony philosophy…)
All you can do is be on record for having sought it. And exchanges (including USDC…): you better get down with a credible Good Housekeeping Seal ASAP, or the FTX debacle will look like nothing in comparison to what’s in store…
Update: Europe has a Good Housekeeping Seal program.
Tether has been a sham…