3 ms·

Any idea why a New York bank is relevant then (per CZ)?

• stevehawk 4y ago
  is it relevant? or is it a red herring.
• jqpabc123 4y ago
  Probably because the USDC is being held in a real bank account controlled by some unknown 3rd party who lives in some country without an extradition treaty. Gives you a warm, fuzzy, secure feeling that everything is perfectly safe doesn't it?
  • twelve40 4y ago
    how can USDC be held in a real bank account? doesnt make sense
    • flamemyst 4y ago
      The backing of USDC held in real bank account. They need to move real USD to Circle bank to mint USDC.
    • jqpabc123 4y ago
      No, it doesn't --- unless they redeem them for USD. I doubt there is anything preventing Binance from doing whatever they want with the coins you place in their possession.