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A comment on CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming. Parent comment

Re:CEO of a top Bitcoin exchange warns: crackdown on cryptoc... by graeme on Monday April 12, 2021 @10:04PM (#26787418)
> There are stablecoins backed by USD reserves, like USDC. Again, the ethereum contract is only a ledger. The people responsible for giving you USD is going to be Gemini who control the supply of USDC. You having proof that you own USDC allows you to withdraw USD.

This still depends on trust. The blockchain doesn’t verify the backing. And USDC’s attestation is rather late.

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Re:CEO of a top Bitcoin exchange warns: crackdown on cryptoc... by intotheabyss on Tuesday April 13, 2021 @02:28PM (#26796835)
Well, yeah, it's a centralized stablecoin. The advantage is that it can be used in Ethereum contracts in DeFi. If you want a stablecoin with no trust assumptions (other than the protocol and governance), there's MakerDAO's DAI.
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