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The big stablecoins have terms of service that say they don't guarantee you can ever redeem them.
by sumeno 4y ago
The big stablecoins have terms of service that say they don't guarantee you can ever redeem them.
- djbusby 4y agoWhat!? how is there a TOS on a coin? Maybe TOS on a gateway site?
- E4YomzYIN5YEBKe 4y agoA coin is code and the code for pretty much every stable coin allow the creator to prevent coins from being sent to/from blacklisted addresses. Tether freezes $150 million in USDT https://cointelegraph.com/news/tether-freezes-150-million-in-usdt https://cointelegraph.com/news/tether-freezes-150-million-in... Circle Confirms Freezing $100K in USDC at Law Enforcement's Request https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/ https://www.coindesk.com/markets/2020/07/08/circle-confirms-...
- aabhay 4y agostable coins with redemption must be centralized at the point of fiat exchange.
- FabHK 4y agoThere are 1. purely algorithmic stable coins (on-chain), such as UST. Voodoo, if you ask me. Can be decentralised. 2. (over)collateralised stable coins (on-chain), such as DAI (not DEI, which is at issue here). Collateralised by other crypto, smart contracts, and what have you. Can still be decentralised. 3. collateralised stable coins (off-chain), such as USDC or (allegedly) USDT. Those are collateralised by good old USD (or treasuries or commercial paper). Those need a central authority that holds on to the USD (or whatever form the collateral takes). So, makes sense that they have TOS.