FWIW here's what the CoinBase USDC page used to say about the backing: "Each USDC is backed by one US dollar, which is held in a bank account." It now says: "E

FWIW here's what the CoinBase USDC page used to say about the backing: "Each USDC is backed by one US dollar, which is held in a bank account." It now says: "Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions." The former statement was not true. Or at least is not now. https://web.archive.org/web/20210126125109/https://www.coinbase.com/usdc https://web.archive.org/web/20210126125109/https://www.coinb...