I suppose, it is a lot like USDT, but from another group of people (company called Circle)? It's also about storing dollars in a bank and people owning crypto versions of dollars, right? I don't think that such coins are bad, because the current market situation is very unstable and generally bearish, so people might be interested in freezing their assets in cryptocurrency this way (since fiat-crypto exchange policies are not very nice as well). I don't trust these coins, however, because it's not safe to hold money in some real place that could be burned or robbed. Moreover, as is the case with tether, people cannot be sure that each coin truly is backed by 1 dollar and the revelation of such a thing could lead to sudden collapse.
I do not think they are bad either and yes you are right with the fact that it is just the same as USDT. Usually, sometimes, it is always a lot better when you just hedge in real fiat rather than using some of these stable coins, but over the years, they have really helped for most of the exchanges with people really trying to hedge their funds in USDT without having to go through the bank.
But, the question has been raised that the tether team keeps generating funds from thin air, without a backed currency to it, but at the end, I guess they were able to prove that wrong. Nonetheless, when people keep saying things a lot about some of these things not coming with a good scenario in the long run, I always prefer taking the preventive measures instead.
I think most of these are actually backed up by enough USD for the amount they printed but I've heard a lot of negativity about Tether not having enough cash reserves to back up their USDT.
