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Coinbase amends claims on its website that USDC is backed 1:1 by USD, after Circle disclosed in July that commercial paper and other assets back USDC

- Some assets of second-largest stablecoin carry default risk  — Coinbase as late as this month claimed coin is backed by cash

Bloomberg Joe Light

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Discussion

  • @frances_coppola @frances_coppola on x
    Defensive action by Coinbase? Bitfinex was fined for lying about its reserves. https://twitter.com/...
  • @bobonmarkets Robert Burgess on x
    USD Coin grew to be the world's second-largest stablecoin, with $28 billion in assets, in part on a promise that wasn't true https://www.bloomberg.com/... via @markets
  • @mdudas Mike Dudas on x
    “That promise was important for $USDC, which unlike Bitcoin can be redeemed by users for regular currency... the assets actually include commercial paper, corporate bonds and other assets that could experience losses... if consumers ever tried to redeem the stablecoin en masse.” …
  • @mdudas Mike Dudas on x
    “When @circlepay, @Coinbase's partner in offering $USDC, disclosed USD Coin's assets for the first time last month, it turns out the promise [of full dollar backing] wasn't true.” https://www.bloomberg.com/...