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To be specific they're allowing transfer to the USDC token, which is a "stable coin" pegged to the USD currency and owned by coin base. This is a fairly low ri
by gitgud 4y ago
To be specific they're allowing transfer to the USDC token, which is a "stable coin" pegged to the USD currency and owned by coin base.
This is a fairly low risk move by Stripe, as USDC is more open and trusted than USDT (Tether)
- sneak 4y agoIssued by Coinbase. It is owned by whoever has it. They are also easily and instantly (and perhaps most importantly permissionlessly) exchangeable to hundreds of other tokens thanks to DeFi swap smart contracts.
- MacsHeadroom 4y agoUSDC is not permissionless. Coinbase froze all USDC in Tornado on the Ethereum blockchain, for examaple.
- sneak 4y agoThat's after the fact. Anyone can use and trade in USDC without being whitelisted. You can receive payments in USDC and immediately exchange them for other safer tokens if you wish, and if you use a fresh address each time, nobody can stop you.
- mudrockbestgirl 4y agoThat doesn't make it permissionless. The parent is right. USDC is closer to an IOU than a permissionless ERC20 token because the contract it uses has been modified for the centralized blacklist functionality and can lock you out any time. It's the same as a centralized bank. If you get your salary deposited you can also go and take out cash immediately, but until you do, you don't truly own the par value.
- clarkeni 4y agoIssued by Circle
- deleted 4y ago[deleted]
- jt2190 4y agohttps://www.circle.com/en/usdc https://www.circle.com/en/usdc
- pjc50 4y agoI think what people are pointing out is that "permissionless" is a function of the legal environment, not the technology. If you "permissionlessly" send some pseudo-dollars to Iran you're relying on your opsec and lack of enforcement, rather than the permission which you didn't get.