An attestation confirms that management's statement about reserves matched the records on one date. It is not a full financial audit: it does not test internal controls, does not cover the days either side, and is generally limited in scope by agreement.
Read what is actually held. Cash and short-dated Treasury bills behave differently from commercial paper, corporate bonds, secured loans or other crypto, especially in a redemption run when assets must be sold quickly. Also check where the cash sits, since bank concentration was the direct cause of one major depeg.
Attestations are useful evidence and weak proof. Combine them with on-chain proof-of-reserves where offered, and remember neither shows liabilities the issuer has not disclosed. Nothing here says any particular issuer is safe or unsafe; it says which questions to ask.
Related: proof-of-reserves, fiat-backed-stablecoin, stablecoin-redemption, exchange-insolvency-risk