@bdw Good question. I'm inclined to think yes, but not totally confident tbh.
Rest assured firstly that there are very reliable, well backed and transparent coins out there (USDC, GUSD, BUSD, Paxo etc) and secondly that the regulatory groundwork is currently being laid to ensure that if / when mass adoption arrives it arrives safely.
@DeletedUser, if Tether survives the catastrophic deleveraging and resultant insolvencies of some of the biggest institutions in crypto, would that be enough to convince you of Tether's backing? UST collapsed, Celcius is probably insolvent, 3AC is definately insolvent and spreading contagion... This is basically it, biggest stress test in cryptos history as we speak.