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Read more about USDC and then come back. USDC is literally backed 1-1 with USD in a bank - by definition.
by product50 6y ago
Read more about USDC and then come back. USDC is literally backed 1-1 with USD in a bank - by definition.
- fredophile 6y agoI'll believe that when I see an audit.
- occamrazor 6y agoThe audit for March 2020 is here: https://www.centre.io/pdfs/attestation/grant-thornton_circle_usdc_reserves_20200413.pdf https://www.centre.io/pdfs/attestation/grant-thornton_circle...
- fredophile 6y agoThanks. That does make it seem more credible than some other crypto currencies.
- SkyMarshal 6y agoThere are at least three reasons why USDC could become unstable: 1. Pegged value currencies are subject to Soros-breaking-the-Pound style attacks. 2. USDC is based on Ethereum, a first-generation cryptocurrency with numerous design flaws, at both the protocol and scripting language level. On top of that is an increasingly complex network of DeFi apps which can be exploited in sophisticated ways, as we saw with recent multi-part hack across several DeFi apps. 3. The US Dollar itself may be heading into a period of instability, given the massive US Govt debt and Federal Reserve operations. You can stick your head in the sand and pretend stablecoins are stable, or you can acknowledge they’re more likely one more in a long history of financial folly.