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USDC is hardly what people think when they say crypto. For once it's not trustless, you need to trust that the backing dollars are in some bank account.
by dist-epoch 3y ago
USDC is hardly what people think when they say crypto. For once it's not trustless, you need to trust that the backing dollars are in some bank account.
- latchkey 3y agoIf you can't trust Deloitte and the American Institute of Certified Public Accountants... https://www.circle.com/hubfs/USDCAttestationReports/2023/2023%20USDC_Circle%20Examination%20Report%20May%202023.pdf https://www.circle.com/hubfs/USDCAttestationReports/2023/202...
- tornato7 3y agoYou are correct, similar to any other money transfer service it needs to be redeemed somehow. USDC is probably more trustworthy than an individual bank if you own >$250k because of their active treasury management.