3 ms·
Are you asking why circle didn't back USDC with USDC? It's back with dollars in bank accounts to fund redemptions, sadly $3B of which are in SVB. The rest (~30
by shawabawa3 4y ago
Are you asking why circle didn't back USDC with USDC?
It's back with dollars in bank accounts to fund redemptions, sadly $3B of which are in SVB. The rest (~30B) is in short term US treasuries (36 days average duration)
- IG_Semmelweiss 4y agoyes. Why would they not use their own USDC reserves to buy more USDC ? I suppose I dont know how the choice of what amount to keep in reserve is made, and who is deciding on bank institution(s) . Because, even if the price of the USDC temporarily go over 1, it would be fine considering the situation ?