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The article says USDC is an ERC20 coin, which means you can keep it in your own wallet (i.e., not the exchange). You are still trusting the centre consortium to
by stilley2 8y ago
The article says USDC is an ERC20 coin, which means you can keep it in your own wallet (i.e., not the exchange). You are still trusting the centre consortium to maintain the coins value.
- lacker 8y agoAccording to USDC's documentation, accounts can also be frozen by a centralized authority. USDC tokens are ERC-20 compatible and can be used with any ERC-20 compatible digital wallet. However, a global blacklist is maintained by CENTRE for USDC, which prevents tokens from being sent into or from blacklisted addresses. Reasons for blacklisting could include known fraudulent or illegal activity, or a legal order or process. Reserves associated with USDC balances held on blacklisted addresses may be wholly and permanently unrecoverable. https://support.usdc.circle.com/hc/en-us/articles/360016060352-Can-a-customer-send-USDC-tokens-to-any-address-Can-addresses-be-blacklisted- https://support.usdc.circle.com/hc/en-us/articles/3600160603...
- stilley2 8y agoAh interesting. While that's a bit disconcerting, it does offer some advantages. You get the flexibility of an ERC20 token, but the (potential) benefit of the consortium being able to give you back tokens that get stolen (blacklist theif's account, issue you new coins). Might be a good middle ground between the wild west/code is law state of crypto currency and the protections of traditional banking.