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No. USDC was long considered the adult in the room, but they started going off the rails earlier this year, dropping the 1:1 promise, delaying attestations and
by dustintrex 5y ago
No. USDC was long considered the adult in the room, but they started going off the rails earlier this year, dropping the 1:1 promise, delaying attestations and also now facing heavy regulatory scrutiny.
- CryptoPunk 5y agoIf anything, USDC has been reducing its risk profile from what I'm seen. Recently they announced they will be replacing all of their remaining corporate-bond-backing with USD cash and US treasuries. Source for your claims to the contrary?
- dustintrex 5y agoAugust 2021: https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stablecoin-to-dollar-backing/ https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stab... SEC subpoena literally yesterday: https://coingeek.com/usdc-issuer-circle-financial-subpoenaed-by-us-securities-regulator/ https://coingeek.com/usdc-issuer-circle-financial-subpoenaed...
- CryptoPunk 5y agoThe August 2021 change seems to be in response to a disclosure, that revealed more about USDC, than had been known in the past. This is a move toward more transarency and accuracy, not in USDC becoming less backed. And CoinGeek is a notoriously anti-decentralization media outlet. It's a mouthpiece for BSV, whose founder, Craig Wright, has called for anonymity to be abolished in cryptocurrencies, and for miners who process decentralized exchange transactions to be jailed.
- dustintrex 5y agoDid you just call a SEC subpoena FUD?
- CryptoPunk 5y agoThere is no indication that this is due to some recent misbehavior by USDC's issuer, as opposed to an independent decision by the SEC to subject stablecoins in general to its control.