Market Shows Signs of Recovery, What's the Current State of Algorithmic Stablecoins?

In the cryptocurrency market cap rankings, three of the top ten coins are stablecoins: USDT, USDC, and BUSD, all backed by US dollars. Even when market performance is weak, the stablecoin market continues to grow. The collateral assets of fiat-backed stablecoins that people commonly know are not entirely cash. In USDC's asset verification report published on July 20, we can see that USDC's asset composition includes 9% commercial paper and 5% corporate bonds. Despite low risk, these assets still carry the possibility of default.