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If authorities wanted to freeze a subset of DAI, could they do so by directing USDC to refuse to back those tokens?
by VagueMag 4y ago
If authorities wanted to freeze a subset of DAI, could they do so by directing USDC to refuse to back those tokens?
- X6S1x6Okd1st 4y agoNope they'd have to freeze the entire collateral that Dai has (~33% of all collateral they have rn), Dai could not freeze individual addresses and almost assuredly wouldn't even if asked.
- VagueMag 4y agoOk, so, "blacklist these particular addresses or we will seize your entire collateral"?
- pcthrowaway 4y agoThere aren't USDC backing the DAI for any given DAI. If I have 5 DAI, you can't point to 3-4 USDC backing it (I think ETH backs it too). Even if Circle did freeze some of DAI's USDC, the Dai contract does not contain the ability to freeze user funds, and I believe is also not upgradeable