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Coinbase is the counter party. It isn't really "ties to circle", it is that both of them are the CENTRE Consortium. The implied "problem" with USDC isn't depeg
by latchkey 1y ago
Coinbase is the counter party. It isn't really "ties to circle", it is that both of them are the CENTRE Consortium.
The implied "problem" with USDC isn't depeg, it is this (and who controls it):
https://gist.github.com/chappjc/350aafb9031f7a66986967bf8ab67d38#file-usdc-sol-L533 https://gist.github.com/chappjc/350aafb9031f7a66986967bf8ab6...
- tossandthrow 1y agoPractically, it hardly makes a difference as wallets are disposable. Regardless, it depends on what risks we a looking at. Wait you raise is not really a credit risks - though I do understand why it concerns you. Btw: https://www.theblock.co/post/349168/circle-paid-210-million-in-stock-to-acquire-coinbases-stake-in-centre-ipo-filing-reveals https://www.theblock.co/post/349168/circle-paid-210-million-...
- latchkey 1y agoIf you have funds in a wallet and it is blacklisted, then those funds are locked forever because they can see where the funds move and continue to lock any new wallets they move to. One could argue that's actually kind of a neat feature of a blockchain, in being so public. Interesting, it goes a bit further than I had kept up with. CENTRE seems disbanded. But given this is all crypto, it is full of backroom deals... one can be sure that Circle and Coinbase are tightly coupled. https://www.ledgerinsights.com/coinbase-and-ripple-vie-for-usdc-stablecoin-issuer-circle-report/ https://www.ledgerinsights.com/coinbase-and-ripple-vie-for-u...