They claim USDC is 1:1 with USD. It is a regulatory shit-sh…

They claim USDC is 1:1 with USD. It is a regulatory shit-show. State by state registration for money transmitter licenses, they register as MSN - Money Service Business - with FinCEN (US Financial Crimes Enforcement Network). They do monthly voluntary attestations (notably, NOT audits) of their reserves using a firm they pay.