4 ms·
Unbacked stablecoins like USR make no sense - but USDC is one of the few real uses that crypto has.
by pants2 7mo ago
Unbacked stablecoins like USR make no sense - but USDC is one of the few real uses that crypto has.
- mememememememo 7mo agoDecentralized. Stable. Pick one.
- Jommi 7mo agoDecentralized > the transfer of authority, decision-making, or operational functions away from a central authority to smaller, local, or distributed nodes, systems, or entities DAI is decentralized and stable
- Jommi 7mo agoUSR is not unbacked. You have a severe misunderstanding of the whole situation if you say that.
- oersted 7mo agoTo be fair, the article itself says "unbacked" right upfront: > an attacker was able to mint tens of millions of Resolv’s unbacked stablecoins (USR) and extract roughly $23 million in value
- gwd 7mo agoIf I understand the situation properly, the system is only supposed to mint backed stable-coins; the hack resulted in unbacked ones.