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AAVE on polygon has 1B in ETH, 851M in Dai, 1B in USDC and only 215M in USDT. Why would AAVE blow up if USDT blows up?

• dustintrex 5y ago
  Because the fiat valuations of ETH, DAI, USDC and all coins will tank if Tether implodes.
  • anonymoushn 5y ago
    Why? USDC is backed by dollars and treasuries...
    • dustintrex 5y ago
      Not anymore it isn't, and they've admitted it: https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stablecoin-to-dollar-backing/ https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stab...
      • anonymoushn 5y ago
        I wrote that it was backed by dollars and treasuries. You wrote that it wasn't backed solely by dollars. So we agree.
        • dustintrex 5y ago
          No, we don't, since USDC can now be backed by pretty much anything: > "the assets in fact include commercial paper, corporate bonds and other assets."
          • anonymoushn 5y ago
            Hello, You're right. Their latest attestation[0] does not yet reflect their move to only cash and treasuries[1]. 0: https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%2... 1: https://www.centre.io/blog/usdc-reserves-composition https://www.centre.io/blog/usdc-reserves-composition