DT on Nostr: Is a stablecoin truly backed 1:1 if any collateral is sitting in a bank that runs a ...

Is a stablecoin truly backed 1:1 if any collateral is sitting in a bank that runs a fractional reserve system?

Or if collateral includes longer-term treasuries that are at risk of being underwater in a rate hiking environment?

(cmiiw, I’m not an economist, just a pleb.)