The Bank for International Settlements (BIS) published a paper on how the promise of par convertibility by various types of stablecoins breaks down. Public information disclosure has an ambiguous effect on run risk. Transparency can lead to greater run risk when market expectations are pessimistic or when transacting in and out of the coins is easy (e.g., USDC). Conversely, transparency strengthens a stablecoin peg when priors are strong and conversion is costly. The paper doesn't say it, but presumably costly conversion strengthens the peg even if transparency is weak (e.g., as USDT was until recently)?
Tether launches USDT on TON Network, Telegram Wallet Tether's US dollar-pegged USDT and gold-pegged XAUT tokens have launched on The Open Network (TON), facilitating peer-to-peer (P2P) cross-border payments via Telegram’s Wallet app among over 900 million global users. TON is a blockchain network that Telegram started to develop in 2018, but they open-sourced it in 2020 after the U.S. Securities and Exchange Commission (SEC) charged the firm with violating federal securities laws.
