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A comment on Coinbase suspending USDC:USD conversions over the weekend. Parent comment

Re:Coinbase suspending USDC:USD conversions over the weekend by slaw on Saturday March 11, 2023 @10:48AM (#35109253)
Norway uses US dollar for oil trade.

https://www.investopedia.com/terms/p/petrodollars.asp

[ Parent | on HN ]
Re:Coinbase suspending USDC:USD conversions over the weekend by PinguTS on Saturday March 11, 2023 @11:14AM (#35109588)
Petrodollar is just a term. It does not mean that the contracts are in US Dollar. The measurement is in NOK.

"In Consideration of the assignment described under Article 2.1 above, Buyer shall pay to Seller a post tax amount of NOK [zz] ([zz]), ref. Article 5."

https://offshorenorge.no/globalassets/dokumenter/naringspoli...

Also the measurement is NOK: https://www.norskpetroleum.no/en/production-and-exports/expo...

[ Parent | on HN ]
Re:Coinbase suspending USDC:USD conversions over the weekend by slaw on Saturday March 11, 2023 @11:38AM (#35109921)
> Norwegian Oil and Gas Recommended Model Agreement for sale and purchase ..

NOK is recommended. That document doesn't say what currency is used for actual transfers.

[ Parent | on HN ]