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> like the $11 billion in US based USDC. "USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US
by dmitriid 6y ago
> like the $11 billion in US based USDC.
"USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars"
$11 billion dollars in reserved assets? Instantly redeemable? Why does this remind me of another scam with similarly "backed by assets" USDTs
- 0tt049 6y agoTry to cash $11B out of a bank then
- dmitriid 6y agoWhile uncommon, this happens from time to time when a lot of people try to withdraw money from a bank: in times of crises, when there are rumours of troubles at a bank etc. And no, not even banks have that kind of money backed up by real assets (that's why there's usually a government-mandated minimum insurance on all deposits). And you want me to believe that some scammers with no accountability have 11 billion dollars in assets backing up their claims? Just because they have the magical word "crypto"?