Hacker News Reader

The difference between the organizations is pretty massive. If I recall correctly, the Tether organization is extremely opaque, run by former convicted scammers.

USDC on the other hand is run by one some the biggest and most trusted crypto companies in the world, and will to go public on the New York Stock Exchange soon.

View on HN

The difference between the orgs is massive, but the practical functioning of these stablecoins isn’t.

If you can’t see how stablecoins backed by “commercial paper” (Mostly IOUs from crypto exchanges) is a bad idea I’m not sure what to tell you.

I mean we have a name for when a company does this with actual dollars and it’s called a bank, and we regulate and license those.

> (Mostly IOUs from crypto exchanges)

How do you know this is true?

For me the biggest red flag is that these "stable"coin companies don't make their escrow books public. There is zero reason to keep it secret, except fraud.

Coinbase is already on NYSE, Circle to follow. Agreed, much more legitimate than bitfinex.

NASDAQ

Reply on news.ycombinator.com