> Fun fact: USDC is not backed by real USD. Circle is using these dollars for its trading purposes and that's actually in the ToS. That is really weird. From t

> Fun fact: USDC is not backed by real USD. Circle is using these dollars for its trading purposes and that's actually in the ToS. That is really weird. From the link you gave: "you agree Circle is free to use the funds provided for its own purposes". As you wrote: it may be the case that no stable coin actually is stable.