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Gemini Dollar

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Reddit Posts

r/CryptoCurrencySee Post

Uniswap's founder hayden adams decided to charge a fee in the official frontend starting tomorrow

r/CryptoCurrencySee Post

Helping the average John guy understand the Defi space: Aave edition

r/CryptoCurrencySee Post

DCA'ing into USD on an exchange waiting for a reason...

r/CryptoCurrencySee Post

Gemini - Large Banks Handle Customer Fiat and GUSD

r/CryptoCurrencySee Post

Update that I got from Gemini for their stable coin GUSD

r/CryptoCurrencySee Post

Eight of the top 10 stablecoins by market cap lost their $1 peg today, with Tether and Binance USD being the only two that held their peg during this turmoil

r/CryptoCurrencySee Post

Let's Run the Numbers on DAI - Depegging and Collateral

r/CryptoCurrencySee Post

Silvergate closes SEN after Moody's downgrades its rating for the second time.

r/CryptoCurrencySee Post

Celsius Custody Withdrawal now open

r/CryptoCurrencySee Post

OKX will delist GUSD

r/CryptoCurrencySee Post

A funny thing I noticed about this cycle's FUD.

r/CryptoCurrencySee Post

Gemini crypto exchange specifies that it has no obligations to users who bought GUSD on other platforms

r/CryptoCurrencySee Post

Top 100 Crypto Gainers [One Year]

r/CryptoCurrencySee Post

Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil

r/CryptoCurrencySee Post

Claiming crypto loss on tax return

r/CryptoCurrencySee Post

Jason Williams shilled Blockfi in his book

r/CryptoCurrencySee Post

Framing these emails so I never take this sort of risk again with my money

r/BitcoinSee Post

This is from the book Bitcoin: Hard Money you can’t fuck with from Jason Williams. I read this last year and invested a decent amount in GUSD on Blockfi to earn interest. Few months later I needed the money for my marriage so took it out. I dodged a bullet here. DYOR and NYKNYC.

r/CryptoCurrencySee Post

A detailed explanation of what happened with CRV and AAVE.

r/CryptoCurrencySee Post

Any benefit to moving GUSD from BlockFi interest account to wallet?

r/CryptoCurrencySee Post

Gemini Taps MakerDAO To Boost Adoption of Its GUSD Stablecoin

r/CryptoCurrencySee Post

I need to convert a sizable amount of fiat into Stable coins.

r/CryptoCurrencySee Post

Good ways to earn interest on your holdings?

r/BitcoinSee Post

Has anyone considered retiring early and living off from staking rewards?

r/CryptoCurrencySee Post

BTFD! You’re never going to see these low prices again. Hurry up and get in. GUSD to the moon💥🏦💸🚀🚀

r/CryptoCurrencySee Post

Gemini's GUSD no longer backed by real USD?

r/CryptoCurrencySee Post

Gemini just increased its APY on GUSD

r/CryptoCurrencySee Post

Be careful of potential fallout from Genesis losses due to 3AC. Funds on Gemini Earn are not safe. Genesis just raised interest payouts, a worrying sign.

r/CryptoCurrencySee Post

Cold Staking

r/CryptoCurrencySee Post

Opinions on what exchanges/stablecoins are safe vs probably already insolvent?

r/CryptoCurrencySee Post

Gemini gets rid of free withdrawals

r/CryptoCurrencySee Post

Could use some advice on most economic way to get USDT from avax c-chain to Gemini as GUSD

r/CryptoCurrencySee Post

Autoinvesting and autowithdrawing with the lowest fees (works in NY): Gemini API

r/CryptoCurrencySee Post

using both BlockFi & Gemini for lending GUSD?

r/CryptoCurrencySee Post

A legal opinion in response to Do's plan to kill UST - Must Read for LUNA/UST HODLers.

r/CryptoCurrencySee Post

100% Fiat Backed Stablecoins?

r/CryptoCurrencySee Post

What I've Learned from Luna's Disaster After Losing Everything

r/CryptoCurrencySee Post

What’s going on with UST?

r/CryptoCurrencySee Post

I have $1k split evenly on GUSD/ USDC on BlockFi, how nervous should I be?

r/CryptoCurrencySee Post

A certain major stablecoin whose name starts with T has depegged and is at $0.95 on Coinbase

r/CryptoCurrencySee Post

Tether (USDT) has depegged and is at $0.955 on Coinbase and falling

r/CryptoCurrencySee Post

Are we about to experience cryptos first bank run?

r/CryptoCurrencySee Post

How is Gemini Stable Coin (GUSD) Taxed With Gemini Earn?

r/CryptoCurrencySee Post

Which stablecoin(s) do you use and why? Can we have a discussion about the volatility of all the stablecoins.

r/CryptoCurrencySee Post

Shot's fired from Paxos: both USDC‘s and Tether’s tokens are “stablecoins” in anything other than name- both of their products are backed by illiquid and risky debt obligations — a critical weakness that no prudential regulator would allow to exist as this creates undue risk for all token holders

r/CryptoCurrencySee Post

Stablecoins or Cash?

r/CryptoCurrencySee Post

I don't claim to be a guru but this is what I'm doing.

r/CryptoCurrencySee Post

Why is USDT still the 3rd crypto for market cap?

r/CryptoCurrencySee Post

My opinion is that in a suicide hot line bear market, stable coin will shine

r/CryptoCurrencySee Post

$1,000 to $40 in 1 week

r/CryptoCurrencySee Post

Gemini Earn Cuts GUSD Rates from 8.05% to 6.9% APY

r/CryptoCurrencySee Post

Gemini Dollar (GUSD) Giving 8% APY with No Fees - Is It Really Safe?

r/CryptoCurrencySee Post

Best reputable/sustainable stable coin APY?

r/CryptoCurrencySee Post

Can you Earn on GUSD on cold wallet?

r/CryptoCurrencySee Post

Earning interest in NY

r/CryptoCurrencySee Post

Noyack Logistics Income becomes the first ever REIT to accept crypto. This is real institutional finance adoption!

r/CryptoCurrencySee Post

Why shouldn't you just put all (most) of your fiat into a stablecoin to actually make money?

r/CryptoCurrencySee Post

Earning interest in NY

r/CryptoCurrencySee Post

Staking USDC

r/CryptoCurrencySee Post

Can APY from stablecoins dry up?

r/CryptoCurrencySee Post

Stablecoin Economy Grows Close to 10% Larger in 54 Days — GUSD, BUSD, USDC Issuance Jumps – Altcoins Bitcoin News

r/CryptoCurrencySee Post

Decent $ amount in Earn program. Gemini or CDC ?

r/CryptoCurrencySee Post

Large $ amount in stablecoin earn. Gemini or CDC ?

r/CryptoCurrencySee Post

This is why crypto will beat traditional finance

r/CryptoCurrencySee Post

This is why crypto will be traditional finance.

r/CryptoCurrencySee Post

Where do you keep stablecoins?

r/CryptoCurrencySee Post

Make your crypto work *for* you!

r/CryptoCurrencySee Post

What's the risk with GUSD? Am I missing something?

r/CryptoCurrencySee Post

Crypto donations rose 1500% in 2021, ETH more popular than BTC

r/CryptoCurrencySee Post

At Gemini Earn’s new rates, I’m not sure it’s worth the risk of a Genesis default

r/CryptoCurrencySee Post

At these rates I’m not sure Gemini Earn is worth the risk of a Genesis default (other than GUSD at 8.05%). Am I FUDing myself?

r/CryptoCurrencySee Post

Where to put crypto funds

r/CryptoCurrencySee Post

A big mental win for me. And I have no one else to share it with because I know absolutely no one in real life that KSAF.

r/CryptoCurrencySee Post

r/personalfinance continues to downvote any comments I make about staking stablecoins on exchanges for better returns than HYSA for banks. Some posts even lead to deletion for ‘rule breaking’

r/CryptoCurrencySee Post

Crypto Staking in New York

r/CryptoCurrencySee Post

Silver lining: Claiming staking rewards when the market is down can reduce your tax burden if you don't plan on selling

r/CryptoCurrencySee Post

Guide for using a portfolio tracker?

r/CryptoCurrencySee Post

DeFi, am I doing it right?

r/CryptoCurrencySee Post

I made a little write-up about BAT and Gemini

r/CryptoCurrencySee Post

Not your keys not your coins, risks of staking CeFi. BlockFi example

r/CryptoCurrencySee Post

Staking/Earning

r/CryptoCurrencySee Post

How to get guaranteed generational wealth changing gains in cryptocurrency!

r/CryptoCurrencySee Post

USDC Earn on CDC vs. GUSD Earn on Gemini

r/CryptoCurrencySee Post

Gemini Login: Cryptocurrency Exchange to Buy Bitcoin and Ether

r/CryptoCurrencySee Post

Crazy plan: take a margin loan from IBKR and reinvest into USDC yield farm

r/CryptoCurrencySee Post

Crazy plan: taking a margin loan from IBKR and reinvesting into a USDC yield farm

r/CryptoCurrencySee Post

Is APY considered Capital Gain?

r/CryptoCurrencySee Post

Stablecoins and how they work

r/CryptoCurrencySee Post

Genuinely considering refinancing my house and putting the equity into GUSD for 8.05% APY....

r/CryptoMarketsSee Post

Thinking of Transfering Savings to BlockFi for High Interest Rates: Bad Idea?

r/CryptoCurrencySee Post

Flexa and Amp can enable a new way of life. Here's why.

r/CryptoCurrencySee Post

Flexa and AMP can enable a new way of life, here is why.

Mentions

GUSD or USDC. Don’t do USDT.

Only a matter of time before the Gemini Exchange goes bankrupt… Over the past few years, the stablecoin market has significantly slowed, particularly since mid-2022, following the collapse of Terra’s stablecoin. Additionally, last year, the New York Department of Financial Services (NYDFS) instructed Paxos to cease the issuance of BUSD. Beyond these setbacks, the supplies of three other stablecoin assets have drastically reduced, now garnering minimal attention. For example, Gemini’s stablecoin GUSD has seen a staggering 93% reduction in its supply.

Mentions:#BUSD#GUSD
r/CryptoCurrencySee Comment

I think it was GUSD (Gemini USD). Good timing 😉

Mentions:#GUSD
r/CryptoCurrencySee Comment

This is the table described in the article: Dai (DAI) 4 (constrained) First Digital USD (FDUSD) 4 (constrained) Frax (FRAX) 5 (weak) Gemini dollar (GUSD) 2 (strong) Pax Dollar (USDP) 2 (strong) Tether (USDT) 4 (constrained) TrueUSD (TUSD) 5 (weak) USD Coin (USDC) 2 (strong)

r/CryptoCurrencySee Comment

And I don’t blame them, I had some GUSD in there and am waiting for the bankruptcy resolution. At least we get something back. This wasn’t a FTX or Mt Gox, Bitconnect kinda thing and they ain’t SBF. I feel like we’ll all be made mostly, or even entirely, whole 🤞

Mentions:#GUSD#FTX
r/BitcoinSee Comment

I also got boned by BlockFi and lost way more GUSD than I care to admit. So take it woth again of salt lol

Mentions:#GUSD
r/CryptoCurrencySee Comment

It is good to know that Uniswap is starting to charge additional fees for 11 coins. This is the list: ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC and XSGD

r/CryptoCurrencySee Comment

According to The Block, Uniswap (UNI) plans to apply a 0.15% fee to certain cryptocurrency transactions within the web interface and wallet starting on the 17th (local time). Tokens to which fees apply are ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. In this regard, Uniswap founder Hayden Adams explained, "This action is separate from UNI Token Governance's proposal to switch the Uniswap protocol fee." The Block Research estimated that applying a 0.15% commission would increase revenue by about $1 million per day.

r/CryptoCurrencySee Comment

tldr; Uniswap will start implementing a fee of 0.15% for certain swaps on its web interface and wallet starting on October 17. The tokens affected include ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. This new fee is separate from the Uniswap Protocol fee switch and is one of the lowest in the industry. The fee is expected to generate around $1 million a day at Uniswap's current volumes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

r/CryptoCurrencySee Comment

I made most of a year's worth of 8.025% staking on a significant pile of GUSD, getting out about 2 months before the Genesis debacle. Extremely lucky, but I came out ahead.

Mentions:#GUSD
r/CryptoCurrencySee Comment

Gemini GUSD staking for 8%. I had a sizeable amount staked for almost a year and got out about 2 months before things went sideways.

Mentions:#GUSD
r/CryptoCurrencySee Comment

There were 25 tokens; However, after yesterday’s overhaul, the roster has been notably truncated, (with only 8 tokens). Bitcoin (BTC) and Ethereum (ETH) are the only non-pegged coins, featured in the 8 tokens, alongside Gemini Dollar (GUSD), GMO JPY (GYEN), GMO USD (ZUSD), Pax Gold (PAXG), Pax Dollar (USDP), and PayPal Dollar (PYUSD). Source: https://bitcoinist.com/xrp-dogecoin-ltc-removed-new-york-crypto-greenlist/

r/CryptoCurrencySee Comment

Nobody but the USDT insiders know which is why you should absolutely STOP using USDT and get into usdc or dai or even GUSD

r/CryptoCurrencySee Comment

I dont think your strategy is optimal, but it’s your choice. If you keep your money in USD or GUSD on an exchange, you are missing out on the potential growth and innovation of the altcoin space. You are also exposing yourself to the risk of exchange hacks, regulation changes, or withdrawal delays. Dca into altcoins might be a more effective way to accumulate and benefit from the crypto ecosystem. You can always do your own research and select the projects that you believe in and have a strong fundamentals. But these are my two cents on this topic

Mentions:#GUSD
r/CryptoCurrencySee Comment

..but there are US regulated stable coins that exist (USDC, GUSD, etc.)

Mentions:#USDC#GUSD
r/CryptoCurrencySee Comment

GUSD. Anyone? ANYONE!??

Mentions:#GUSD
r/CryptoCurrencySee Comment

tldr; The article discusses the recent ratings of stablecoins by Bluechip, an independent non-profit agency. Tether (USDT) and TrueUSD (TUSD) were labeled as "high risk," while USDD failed completely. The ratings were based on factors such as decentralization, governance, reserve verification, and transparency. The article also mentions the positive ratings received by New York-based stablecoins like GUSD, BUSD, and Paxos. The controversial ratings list was shared by Patrick McHenry, the U.S. House Committee on Financial Services Chairman. The article raises questions about the future of stablecoins and the need for transparency and accountability. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

r/CryptoCurrencySee Comment

Tether (USDT), the popular stablecoin, has received a low rating in a recent credit ratings list. The rating agency cited concerns over Tether's lack of decentralization, issues with governance, and lack of transparency in its reserve verification and redemption processes. Other stablecoins such as Gemini Dollar (GUSD), Binance USD (BUSD), and Paxos (PAX) received higher ratings. The ratings list, while not official, provides insight into how institutions may view stablecoin stability and backing. Tether's CTO expressed dissatisfaction with the rating by posting a meme on Twitter. **TLDR created using AI**

r/CryptoCurrencySee Comment

tldr; Tether (USDT) has received a 'D' rating from Bluechip, an independent nonprofit stablecoin rating agency, indicating high risk. The agency suggested that Tether could improve its rating to 'C' by disclosing its banks and custodians or conducting a full financial audit. Despite recent lawsuits from the SEC, Binance USD (BUSD) and Gemini USD (GUSD) received 'A' ratings, indicating strong governance and stability. Bluechip's rating list provides insight into how institutions view stablecoin stability and backing. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

r/CryptoCurrencySee Comment

I still dont know how USDT stands strong even after USDC, TUSD, GUSD depegging

r/CryptoCurrencySee Comment

Some of DAI collateral is centralized though like USDC, GUSD, and WBTC which has a centralized custodian. Although I think the amount is falling so its improving.

r/CryptoCurrencySee Comment

tldr; Decentralized finance platform MakerDAO is considering reducing the maximum amount of Gemini Dollars (GUSD) held in its DAI stablecoin reserve from $500m to $110m. The move would see MakerDAO ditch $390m of GUSD. The vote is significant for GUSD, as Maker holds 88% of the stablecoin's $568m circulating supply. Gemini pays a 2% annual reward to MakerDAO for using GUSD as a reserve asset, but the proposal argues that the platform could enjoy better revenue opportunities by investing in short-term US Treasuries, which currently offer about a 5% yield. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

r/CryptoCurrencySee Comment

I actually thought GUSD kinda died off after the whole Genesis fiasco

Mentions:#GUSD
r/CryptoCurrencySee Comment

Maker is using GUSD as its reserve in issuing DAI

Mentions:#GUSD#DAI
r/CryptoCurrencySee Comment

> The vote is significant for GUSD’s future, as Maker holds roughly 88% of the stablecoin’s $568 million circulating supply. GUSD is in trouble

Mentions:#GUSD
r/CryptoCurrencySee Comment

I second this. I love my Gemini card. 10% cash back on gas and 3% dining and 1-2% everything else. Plenty of local cash back deals as well. Gemini is the only one to not roll anything back and improved the rewards. GUSD may not be stakable through Earn but that's fine with me.

Mentions:#GUSD
r/CryptoCurrencySee Comment

Tether is the exact reason I said *most*. USDC, and GUSD, specifically, are both fully backed and regulated.

Mentions:#USDC#GUSD
r/CryptoCurrencySee Comment

tldr; Gemini Foundation will allow customers to trade spot and derivative products with a somewhat risky nature, starting with a Bitcoin perpetual contract denominated in Gemini’s stablecoin, GUSD. The move to create an offshore exchange demonstrates the Winklevoss twins’ determination to keep their business thriving in the face of regulatory challenges back home. Rival exchange Coinbase is also reportedly planning to launch a new platform overseas. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#GUSD#DYOR
r/CryptoCurrencySee Comment

tldr; Gemini is opening an offshore derivatives platform. The first product at Gemini Foundation will be a perpetual bitcoin contract denominated in Gemini dollars (GUSD). Unlike conventional derivatives, perpetuals don't have an expiration date. The decision coincides with U.S. regulators getting stricter about cryptocurrencies. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#GUSD#DYOR
r/CryptoCurrencySee Comment

So I know US regulation doesn’t rule all of crypto, but I have a bad feeling the SEC is going to crack down on LSDs after this past hearing. They are pressured to make a move and LSDs are a simple target imo. I have saved my LINK from Bancor & GUSD from Gemini. Not whale amounts but a decent chunk of change, GUSD was borrowed for an arbitrage play. I am pulling my stETH tonight, the regulatory risk for me is not worth the $2 daily ETH rewards or whatever it comes out to. Apologies for format, Friday night celebrating a nice raise at the fiat mines. Cold storage will prevail

r/BitcoinSee Comment

Right there with you. I had all my BTC in cold storage but lost my seed phrase during a move so it went back to BlockFi wallet for 2 weeks. I hope I can get that back but it is maybe 20% of what was in my BIA account in GUSD. The real kick in the teeth was paying taxes on the interest....

Mentions:#BTC#GUSD
r/CryptoCurrencySee Comment

>I believe stablecoins should be censorship-resistant as Tether's power opens up the path for more totalitarian measures. I completely agree. Decentralized blockchains should use decentralized tokens...with that being said though, considering how much traction censorable stablecoins get, I doubt people actually care about decentralization. For example, a *good* chunk of DeFi uses censorable stablecoins, mainly USDC and USDT. The biggest "decentralized" stablecoin DAI [has over 60% of it collateral as censorable tokens](https://daistats.com/#/) (USDC, USDP, GUSD). If Tether Ltd, Circle, or any of the stablecoin issuers decide to blacklist the smart contract addresses of dApps...it would not be pretty for DeFi. P.S. - if you want to see a list of the censored addresses of USDT and USDC, you can look at the data Dune provides: https://dune.com/alfredchan/usdt-banned-addresses https://dune.com/phabc/usdc-banned-addresses

r/CryptoCurrencySee Comment

GUSD… hold my seltzer!

Mentions:#GUSD
r/CryptoCurrencySee Comment

MakerDAO Rejects Plan To Diversify From USDC In response to the depegging event, the MakerDAO was forced to review its DAI reserves which were all stored in USDC. This is because the  DAI token is considered vital to the multi-collateral lending operation of the Maker. In addition, DAI also serves as the native stablecoin of the protocol.  To protect investors’ assets from similar depegging debacles in the future, the Risk Core Unit of the Maker protocol proposed on March 17 that the DAI reserves be diversified into other stablecoins, nominating the Gemini Dollar (GUSD) and Paxos Dollar (USDP) as viable alternatives with lower market risks. 

r/CryptoCurrencySee Comment

tldr; MakerDAO has voted overwhelmingly to keep USD Coin (USDC) as the primary collateral for DAI. An alternative proposal to “diversify” collateral into Gemini U.S. Dollar (GUSD) and USDP has been rejected in a 20% to 79% vote. USDC has “potentially more risky exposure to uninsured bank deposits” and “a weaker legal structure” than its competitors. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

r/CryptoCurrencySee Comment

I’m not sure. I know they have them “pending” currently and it’s been like that for months. I’ll see if he has checked trying to do a swap or anything and most of it is in GUSD since they had a 9+/- % interest going on for a while so I think 300-400k is in that and the other 200k is in ETH.

Mentions:#GUSD#ETH
r/CryptoCurrencySee Comment

One of my good friends has ~600k he’s been trying to withdraw since the end of 2022 split between Eth and GUSD. Can’t withdraw it because apparently they don’t have the funds yet they want to be transparent

Mentions:#GUSD
r/CryptoCurrencySee Comment

tldr; The total amount of coins held on exchange addresses. STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode. Stablecoins included are: BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, USDC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

r/CryptoCurrencySee Comment

tldr; Several major cryptocurrency firms have denied exposure to dissolved U.S. banks, including Silicon Valley Bank (SVB) and Signature Bank, which have been dissolved due to financial difficulties. Despite having a partnership with Signature, Gemini exchange has zero customer funds and zero Gemini dollar (GUSD) funds held at the bank, the firm announced on March 13. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

Mentions:#GUSD#DYOR
r/CryptoCurrencySee Comment

Another issue I just thought of with fully crypto backed stablecoins is the size of the crypto market. Back at the peak of the last bullrun, there was probably around $200 billion dollars of minted centralized stablecoins like USDC/USDT/BUSD/GUSD/etc. Peak crypto was close to $3 trillion but that included stablecoins so something less than that truly (especially when that included UST/LUNA). $200 billion of of 3 trillion is 6.7% of the crypto market cap to put up for collaterilization to back crypto based dollar targeting fiat. If the overcollaterization ratio is 150% then $300 billion for 10% of the total crypto market cap. That's an insane amount of crypto that you'd have to convince people to lock up in smart contracts to replace dollar backed stablecoins with crypto backed stablecoins. Personally because of the volatility of crypto, I'd go way above a 150% ratio if I was planning to mint stablecoins long term with my crypto

r/CryptoCurrencySee Comment

USDC is quite transparent. I would say they're more legit than Tether, BUSD, or any of Justin Suns stablecoins. DAI I believe is mathematically pegged to $1 and GUSD seems to be pretty similar to USDC.

r/CryptoCurrencySee Comment

Let’s not act like crypto is debanked. Circle is now uses Bank of New York Mellon a $1.8 trillion bank GUSD used Fidelity, Goldman Sachs, and more Gemini uses JP Morgan, Goldman Sacks and more Major banks are being used and continue to be used by crypto. Some crypto companies use smaller banks because they get offered higher returns than at huge banks. These smaller banks do come with greater risks.

Mentions:#GUSD#JP
r/CryptoCurrencySee Comment

>All Gemini customer U.S. dollars are held at JPMorgan, Goldman Sachs, and State Street Bank. >All GUSD reserves are held at State Street Bank, Goldman Sachs, and Fidelity. These are the next banks to look out for.

Mentions:#GUSD
r/CryptoCurrencySee Comment

GUSD is the ideal stablecoin, with 1:1 deposits and external audits of the bank account that holds its money. You could generate income to maintain the coin by the income in the bank account. I think the only challenge would be finding a way to isolate the coin completely from the company that made it so that it’s future is never in question in case the issuing company goes bankrupt.

Mentions:#GUSD
r/CryptoCurrencySee Comment

I could get behind a GUSD stablecoin

Mentions:#GUSD
r/CryptoCurrencySee Comment

- Over the past few days, stablecoins lost the peg to $1; the main headline was USDC. - USDT was trading at a premium all other stablecoins were trading at a discount to the $1 peg. USDT has now returned back to the $1 peg. - USDC, BUSD, and GUSD are now roughly back at $1. While DAI is slightly under $1. - USDT dominance increases to 58%, a high that was last seen back in mid 2021.

r/CryptoCurrencySee Comment

Probably quoted in GUSD, which is below peg at the moment.

Mentions:#GUSD
r/CryptoCurrencySee Comment

I'm talking about the fiat pair, not the GUSD pair.

Mentions:#GUSD
r/CryptoCurrencySee Comment

GUSD is irrelevant as far as I’m concerned. Yes USDC is backed which is why I don’t think it will go below .90 this weekend at least. Circle had an 8% collateral of total market cap of USDC held in SVB. It’s just really sketchy. I hope it does recover though cause they seem to be one of the only outfits playing by the book.

Mentions:#GUSD#USDC
r/CryptoCurrencySee Comment

I have seen GUSD down at $0.90 and it recovered. USDT at $0.92 and it bounced back. It is true that the depeg we have seen has been at the high end of the spectrum of experience, but I think that is attributable to the psychological shock of Coinbase suspending 1:1 conversion over the weekend. Currently, USDC is changing hands at $0.934 on Binance and the order book looks thin on the sell side compared to the buy side. We are dealing with a stablecoin that is backed by real assets. The loss from SVB is not going to be anywhere close to $3.3bn and there will be an advanced dividend paid to Circle by the FDIC relatively soon. This is not a UST situation.

r/CryptoCurrencySee Comment

If you're gonna exclude BUSD, might as well exclude GUSD. Both depegged and have got back to a dollar. Seems a bit biased to me but BUSD should also be on the list.

Mentions:#BUSD#GUSD
r/CryptoCurrencySee Comment

No reason aside from panic. Only USDT is holding to $1. All the other stables are currently off their pegs. BUSD is only mildly impacted - about 0.5% right now. DAI, GUSD, USDP, FRAX and TUSD are all worse. Some of this is due to being partially backed by USDC (DAI) and the rest due to general fear of the stability of banking partners for stablecoin reserves.

r/CryptoCurrencySee Comment

Contagion: >USDC: 0.91 >DAI: 0.93 >BUSD: 0.995 >FRAX: 0.92 >USDP: 0.96 >USDD: 0.94 >TUSD: 0.992 >GUSD: 0.96 Only TETHER left standing....

r/CryptoCurrencySee Comment

I mean, If you really want to buy here, I would rather buy GUSD or USDP here. They are much safer than USDC. Also, why is FRAX down?

r/CryptoCurrencySee Comment

GUSD is also around

Mentions:#GUSD
r/CryptoCurrencySee Comment

GUSD

Mentions:#GUSD
r/CryptoCurrencySee Comment

USDC isn't the only one depegging right now. DAI, PAX, GUSD are also not at 1.00.

r/CryptoCurrencySee Comment

GUSD depegged.

Mentions:#GUSD
r/CryptoCurrencySee Comment

Call me ignorant and naive but its BS that stables can even 'depeg'... who programmed this crap? Not just USDC... Frax, DAI, PAXD, USDD , GUSD, LUST, CUST, ... Still funny tho that a dozen of them did it but Tether. Glad I never use stables.

r/CryptoCurrencySee Comment

Sale! Rounded upwards USDC $0.89 DAI $0.91 FRAX $0.90 USDP $0.94 GUSD $0.97 LUSD $0.95 USDX $0.84 MIM $0.89

r/CryptoCurrencySee Comment

GUSD? :'(

Mentions:#GUSD
r/CryptoCurrencySee Comment

DAI, the biggest "decentralized" stablecoin, has almost 70% of its reserves as USDC, USDP, and GUSD. Sounds like DAI is very safe and reliable to me! /s

r/CryptoCurrencySee Comment

Coinbase trading advanced mode. If I put in a limit order for GUSD to sell it at 1.000 USD, will the order likely never get filled? Should I sell it for lower like 0.99 to get it filled realistically within a few days? What is the best strategy if I just want to get fiat within a few days?

Mentions:#GUSD
r/CryptoCurrencySee Comment

GUSD is something I'm not personally familiar with, but you're right: USDC is holding on.

Mentions:#GUSD#USDC
r/CryptoCurrencySee Comment

USDC and GUSD (Gemini Dollar) seem to be doing just fine.

Mentions:#USDC#GUSD
r/CryptoCurrencySee Comment

Ah fair. I don't think GUSD ever came close to USDC anyway, but it's always good to have this kind of data and keep an eye on whatever exchanges you use

Mentions:#GUSD#USDC
r/CryptoCurrencySee Comment

I suspect the exhange is hurting. The Genesis failure was really bad for the brand. They are currently trading a daily volume of only $12-14M. And their total visits is way out of top 10. It's around 75th in total exchange volume. 24 hr GUSD volume is under $1M (USDC, by comparison, was over 2,500 times greater at $2.6 Bn). Since they make their money from fees, this is not a good sign. Data sources: https://nomics.com/exchanges https://www.coingecko.com/en/exchanges

Mentions:#GUSD#USDC
r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1151l7p/daily_general_discussion_february_18_2023_gmt0/).

r/CryptoCurrencySee Comment

Soon only USDC and maybe GUSD will be left standing. Any other good stablecoins out there?

Mentions:#USDC#GUSD
r/CryptoCurrencySee Comment

tldr; STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode, thereby creating a metric that sums up all exchange balances across stablecoins. Stablecoins included are BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT and USDC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/110u63u\/daily_general_discussion_february_13_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/110u63u\/daily_general_discussion_february_13_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/110u63u\/daily_general_discussion_february_13_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/110u63u\/daily_general_discussion_february_13_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1101teu\/daily_general_discussion_february_12_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1101teu\/daily_general_discussion_february_12_2023_gmt0/).

r/CryptoMarketsSee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/) > > ^(\[5\]) [^(https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms)](https://www.centre.io/blog/announcing-usdc-on-ten-new-blockchain-platforms) > > ^(\[6\]) [^(https://www.circle.com/en/multichain-usdc)](https://www.circle.com/en/multichain-usdc) > > ^(\[7\] htps://assets.ctfassets.net/jg6lo9a2ukvr/3U43d7lUPmunUNLa0f9xui/24e439e3040c92179245485ebd1b5ba1/Gemini\\Dollar\_Examination\_Report\_08-31-21.pdf) > > ^(\[8\]) [^(https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/)](https://www.coindesk.com/markets/2021/07/06/circle-isnt-winning-the-stablecoin-transparency-race/) > > ^(\[9\]) [^(https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/)](https://www.coindesk.com/business/2021/08/30/centre-consortium-hires-six-employees-including-former-circle-robinhood-executives/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2moj/top_10_usd_coin_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1101teu\/daily_general_discussion_february_12_2023_gmt0/).

r/CryptoCurrencySee Comment

#USDC Con-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2nfy/comment/hewkfxw/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: *no edits yet* > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Decentralization is one of the core principles of crypto industry. USDC is centralized. Centre (nomen omen), the consortium that is responsible for USDC, can freeze anyone’s USDC assets whenever they want to. In 2020, they blacklisted an address and froze $100,000 in USDC in response to a request from law enforcement \[4\]. In this case, the freezing of assets was the right thing to do but nothing stops Centre from freezing assets in more controversial circumstances. > > ​ > > **It has fewer trading pairs and blockchains than tether** > > USDC announced in June 2021 that it wants to expand to 10 more blockchains in the near future \[5\]. But as of now, it’s present on 5 blockchains (Ethereum, Algorand, Solana, Stellar and Tron) whereas USDT, its main competitor, is available on 8 blockchains. \[6\] > > USDC is even more pale in comparison to USDT when it comes to the number of available trading pairs. There are barely any coins that aren’t paired with USDT, when USDC usually allows to buy only the most popular coins. > > ​ > > **Is it really that transparent?** > > Circle claimed in the past that all USD Coins are backed 1:1 against US dollar (cash). This is not the case anymore. And while people praise USDC for being more transparent than Tether and having better, more reliable reserve composition, just until recently Tether was completely nontransparent and lied about its reserves, so it’s hard to look bad when compared to Tether. > > Circle isn’t in fact that transparent. For example, they don’t disclose too much information about funds referred to as “approved investments”. **We don’t know how risky those investments are.** USDC has licenses in most of the states in the US. Some of those states have absolutely no restrictions and if Circle operates under the license from one of those states, it can invest in anything it wants. \[7\] > > Also, if you compare USDC’s breakdowns to e.g. breakdowns of banks or other financial institutions, it’s clear that **there’s room for much more transparency**. Take a look at e.g. JP Morgan’s breakdown: [https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-prime-money-market-fund-morgan-4812a2702#/portfolio) > > This breakdown includes a lot of more details. You can check the issuer, market value, CUSIP number, effective maturity and so on **for each asset**. This kind of information is absent in USDC’s breakdowns. > > ​ > > **There are more transparent stablecoins and stablecoins that are fully backed by cash** > > There are other stablecoins which are transparent and release independent, monthly audit reports about their backing. But what is more important – **there are stablecoins that are fully backed by cash**. Gemini USD (GUSD) or TrueUSD (TUSD) are two examples. \[8\] > > Also, Tether is often criticized for being a very small company with very few employees and yet managing billions in assets. However, **Center had only one employee** since December 2020 to March 2021 – its CEO. Currently, it hires 6 people. \[9\] > > ​ > > **Regulatory risk** > > Recently, regulatory activities have been accelerating. Gary Gensler, the head of the Security and Exchanges Commission (SEC) has asked for more authority to regulate cryptocurrency with the focus on stablecoins. > > Moreover, Fed Chairman Jerome Powell has said that a U.S. **central bank digital currency could eliminate the need for stablecoins like USDC**. And since USDC is a centralized stablecoin, a regulatory crackdown and a US CBDC could drive out USDC. > > **\_\_\_\_\_\_\_\_\_\_** > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.coindesk.com/markets/2020/07/08/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request/)](https://ww