In the recent thread about this topic [1] people mentioned that USDC is also not fully backed by pure cash.
Assuming USDC has no funny business like tether seems to, how is this any different than companies like PayPal, which presumably also don't just have a bank account sitting with billions of dollars cash, backing all of their virtual cash?
Assuming USDC has no funny business like tether seems to, how is this any different than companies like PayPal, which presumably also don't just have a bank account sitting with billions of dollars cash, backing all of their virtual cash?
1. https://news.ycombinator.com/item?id=27151370