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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/coi

• 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