News for hackers. Stuff that matters.

A comment on Binance freezes withdrawals of stablecoin USDC as investors pull $2B. Parent comment

Re:Binance freezes withdrawals of stablecoin USDC as investo... by matthewdgreen on Tuesday December 13, 2022 @02:01PM (#33974001)
Tether has no meaningful regulatory oversight. Circle has money transmitter licenses in most US states, some of which cover them as a virtual asset service provider, and require specific conditions around the way that they store customer funds: https://www.circle.com/en/legal/usdc-terms

I'm not claiming this is perfect, but it's pretty different.

[ Parent | on HN ]
Re:Binance freezes withdrawals of stablecoin USDC as investo... by smoldesu on Tuesday December 13, 2022 @02:29PM (#33974410)
That's great, but that only eliminates 2-3 classes of fraud from their potential thousands of exploits. We put too much trust in centralized companies to manage decentralized communities, and I'd bet you dollars-to-donuts that Circle will end up complicit in some sort of scheme.
[ Parent | on HN ]