Fiat-backed stablecoins aren’t any totally different. Financially talking, sending somebody 100 USDC isn’t any totally different than sending them $100 by way of Venmo. In each circumstances, one person is handing over a declare in opposition to a stability sheet – Circle’s versus PayPal’s – to a different. From the issuers perspective, every greenback held by its person is only a legal responsibility, to be matched in opposition to equal belongings.
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