4 ms·
The "dollars" in my bank account are not dollars either; they are something like a WellsFargoCoin. (Granted, there's a huge difference, since WellsFargoCoin is
by umanwizard 8y ago
The "dollars" in my bank account are not dollars either; they are something like a WellsFargoCoin.
(Granted, there's a huge difference, since WellsFargoCoin is backed by the FDIC... (Edit: maybe there is not so much of a difference; see the reply by omarchowdhury. I really don't know.))
- omarchowdhury 8y agoI would assume Circle (backed by Goldman Sachs) is keeping the reserve dollars in segregated, FDIC insured bank accounts. Would be out of character and expected policy for a U.S. operation to not to.
- ur-whale 8y ago>is backed by the FDIC Isn't FDIC backing capped?