For all we care, this is a security audit and can call it gold standard.
But what we wanted to see is the financial side, it should be audited as it has been suspected since 2018 that they are running on fractional reserves and that's whey majority thinks that they are scam.
and I think SOC 2 type 1 audit is very easy to pass and so this meant nothing, IMHO.
If the majority thinks so, then that company would have been in trouble for a long time, but as far as can be seen, they are doing very well. As long as people who trade with cryptocurrencies do not have another way (easier & cheaper) for their transactions, they will use stablecoins, regardless of speculation whether they are backed by something or not.
In addition, the fact that each of their tokens can be frozen at any time in any wallet gives them a certain favor of the ruling structures. If it can be controlled, then it does not pose too much of a threat.