@henryk no, USDC is reserve backed. the seller either decides to hold the USDC instead of the bitcoin, sell it for some other crypto asset, or redeem the USDC with Circle. it changes the seller’s portfolio, but USDC remains reserve-backed.
I am in Brussels. I took a two hour nap to take the edge off the jet lag. I'm still working on my talks because I can't help but continue to fiddle with minor details until it's time to present.
@molly0xfff Injecting $1B demand is nice, but ... what's on the other side of that $1B? Isn't that supposed to hold up the stablecoin or something? Is the stablecoin now bound to bitcoin?
@raisondetredev it mostly reads to me that they’re nervous about sinking bitcoin prices, and hoping to bolster them by a) injecting $1B of demand and b) publicly declaring their plans to do so in hopes that it will trigger others to buy
I am in Brussels. I took a two hour nap to take the edge off the jet lag. I'm still working on my talks because I can't help but continue to fiddle with minor details until it's time to present.
@henryk no, USDC is reserve backed. the seller either decides to hold the USDC instead of the bitcoin, sell it for some other crypto asset, or redeem the USDC with Circle. it changes the seller’s portfolio, but USDC remains reserve-backed.