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IIRC Circle was planning to get a full bank license to have USDC being backed 100% by reserves at the FED. That could nuke the traditional banks because who wou
by WanderPanda 4y ago
IIRC Circle was planning to get a full bank license to have USDC being backed 100% by reserves at the FED. That could nuke the traditional banks because who would want to hold their money as IoUs at an institution with single digit backing when there is no upside compared to holding it in USDC.
- fshbbdssbbgdd 4y agoWhat’s the upside of holding it in USDC?
- polygamous_bat 4y agoConverting it to UST and getting 20% yearly returns on your stablecoins! ... Sorry, I wrote this comment last month, did something happen in the meantime?
- lmm 4y agoEveryone in this space "plans to" do something better than "trust us bro". Just not right now.
- ahtihn 4y ago> who would want to hold their money as IoUs at an institution with single digit backing when there is no upside compared to holding it in USDC Convenience, security? The backing doesn't matter, your bank account is insured. Why do people keep cash in bank accounts instead of under their mattress. Holding USDC yourself is risky, you expose yourself to hacks. Most people don't know how to manage their crypto keys securely.
- Nursie 4y agoIs this satire? I can't even tell any more.