Isn't USDC printed out of thin air with no backing? Similar to how private bank money was printed before modern banking regulations.
What are the guardrails to prevent bankrun like the wild west days of banking?
What are the guardrails to prevent bankrun like the wild west days of banking?
There's been a lot of talks of regulating stablecoins to ensure backing, which I don't think is a terrible idea.
Do some googling before commenting please.
Much like tether, there is no proof that they have anywhere near the currency they claim and folks that operate in that market are the ones shouting the loudest about the apparent fraud occurring. I've yet to see tether or usdc provide proof otherwise, it always seems to be a "we wouldn't be this big if we didn't have what we say we have" - bernie madoff style. And to get in front of it, an attestation != audit.