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USDC is not regulated in any meaningful sense. There is no actual regulation for stablecoins, it doesn't exist yet. All they have are attestations (pinky promis
by cuteboy19 5y ago
USDC is not regulated in any meaningful sense. There is no actual regulation for stablecoins, it doesn't exist yet. All they have are attestations (pinky promise) and a distinct lack of audits
- CryptoPunk 5y agoAttestations are not "pinky promises". They are third party verifications of the data: https://www.ispartnersllc.com/blog/defining-attestation-assurance-auditing/#:~:text=One%20of%20the%20things%20to,compared%20to%20a%20stated%20purpose%2C https://www.ispartnersllc.com/blog/defining-attestation-assu... Moreover, there's no need for private organizations to adopt the toxic neuroticism that deems anything not under the supervision of a single government authority (e.g. the Federal Reserve system) to be like a contagion to be avoided. This kind of strategy seems to be based on a zero-risk cognitive bias, rather than a rational cost-benefit analysis. Over-reacting to risk can be just as destructive as under-reacting.