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Coinbase Drops Guarantee of USDC Stablecoin-to-Dollar Backing

BeInCrypto –

Coinbase has dropped the guarantee that each USD Coin stablecoin is backed by an equivalent dollar amount.

For months, US cryptocurrency exchange Coinbase Global Inc. offered the stablecoin USD Coin, which had a simple premise. For every dollar of the coin owned, there would be an equivalent $1 “in a bank account” to back it.

This premise helped USD Coin grow to be the world’s second-largest stablecoin, with $28 billion in assets. However, Coinbase’s partner, Circle Internet Financial Inc., revealed that this wasn’t the case when it disclosed USD Coin’s assets for the first time last month.

This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto

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