Comment by kikimora
2 days ago
USDC is 1-1 backed, audited and quite transparent. They won’t run with your money for the same reason your bank won’t do it.
2 days ago
USDC is 1-1 backed, audited and quite transparent. They won’t run with your money for the same reason your bank won’t do it.
Not quite. The USDC reserve is "attested" rather than "audited" on a monthly basis.
While that particular company might have a good reputation for crypto standards, it still is no bank.
It faces less strict requirements and for example doesn't include an ICFR opinion or recurring supervisory on-site exams.