Temporarily reduce OUSD's exposure to Tether?

Given the continued market volatility and circulating questions around Tether, this proposal is to reduce OUSD's exposure to USDT temporarily.

Users have been voting with their feet, with around 16 billion dollars exiting Tether over the last 2 months (with most of it moving to USDC). We were reminded with the recent depegging of stETH that it's not enough to be fully backed. There also needs to be enough liquidity to meet redemptions. We know that some percentage of USDT backing is held in illiquid long-term bonds and some volatile assets that may be currently underwater.

We are also hearing rumors of coordinated attacks against Tether, that could increase the risk of a liquidity squeeze (https://twitter.com/WatcherGuru/status/1541473040847994883?s=20&t=G1HS4M0L29AGwkp4bu4LqQ).

Making sure users' funds are safe is always the #1 priority. Out of an abundance of caution, we are proposing we temporarily sit out of USDT until we have more transparency into assets that are backing USDT.

Specifically, the core team at Origin are proposing:

1. A one-time swap out of USDT into USDC or DAI (100% of holdings)
2. Granting the Strategists permission to continue divesting future USDT holdings if deemed prudent given market conditions.
3. Continuing to include USDT as a backing asset for now.

OUSD already has depeg protection that protects the vault in case any of our backing assets lose their peg. We have additional code already written and waiting to be deployed that will ratchet up our paranoia to prevent OUSD from being minted with any asset that is currently off its peg.

To be clear, we are suggesting this move simply as a precaution. We don't have any inside information about the internal state of Tether and do not want to cause panic. For now, we recommend that USDT continue to be supported as a backing asset of OUSD.