4 ms·

I have a feeling checking that a bank indeed stores the amount or X coins that they’ve minted on the network should be an easy audit. Although non-crypto digita

• lxgr 4y ago
  There is no need to audit the liabilities (i.e. the stablecoin issued), what matters are the assets/reserves. And since these by nature are not on-chain for a fiat currency backed stablecoin, this is not trivial at all: Not only do you need to plausibly demonstrate the existence of assets, but also that they are not otherwise encumbered.
  • baby 4y ago
    That’s what I meant, how do audit reserves when it’s most likely a digit in the bank account database? You’d have to audit their accounts at all banks including central banks. If only banks used crypto :))