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A comment on Coinbase Drops Promise of Token’s Cash Backing That Wasn’t True. Parent comment

Re:Coinbase Drops Promise of Token’s Cash Backing That Wasn’... by ketzo on Wednesday August 11, 2021 @11:07AM (#28142923)
Yeah, but banks don’t create a market for themselves in a notoriously unstable ecosystem by explicitly promising that their deposits are backed by 100% cash.

That is what USDC did. And it turns out not to be true. Which is… concerning.

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