https://x.com/hbgnostic/status/1871221273856180518

Is there any underlying value behind those stablecoins?

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.

“But I’m sure it’s fine!!”

Sounds more fraudulent than the fiat fraud it is based on^^.

Right, you could liken it to an L2 for Ethereum 🤣