1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
We really need a financial institution backed stablecoin.
https://www.businesswire.com/news/home/20210329005171/en/Visa-Becomes-First-Major-Payments-Network-to-Settle-Transactions-in-USD-Coin-USDC
Replies
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
thats what USDC is
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
Isn’t it a wrapped coin? I won’t pretend I really understand it all, but I think a native coin may be better. We are currently trading it on RelayX with variable value.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
Theres a real USDC living on the ethereum network. It's the #12 crypto asset. Relayx USDC is that thing but wrapped on BSV.
1GmtnHisVsDf8s9ntMPgFF7NkSboPsNgC4 ·
Circle didn't mint on bsv?
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
I just think if RelayX is going to release a wrapped version of USDC to make it native to BSV it should be able to be bought and sold on demand for $1.
1GmtnHisVsDf8s9ntMPgFF7NkSboPsNgC4 ·
Liquidity of usdc on bsv is …
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
That’s how it appears. I would like to be able to buy/sell from RelayX for instant liquidity. Until this exists it could never be used for a reliable financial transaction.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
to be "native", Coinbase/circle/goldman sachs and whoever else runs USDC would have to mint some on the BSV chain.
They never will because BSV is too toxic.
I believe Jack was involved in creation of usdc too
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
relay would have to have reserves of it or have a liquidity pool from users.
1GmtnHisVsDf8s9ntMPgFF7NkSboPsNgC4 ·
If they don't have reserves it means they are bankrupt
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
To me it’s no different from any other token if it’s not backed by anything.
1E5wYaMr6BYL3qHSZQ3sPqaQHvaCVoYcfh (678) ·
USDC is fully backed
https://www.google.com/amp/s/www.newsbtc.com/news/circles-stablecoin-usdc-passes-independent-audit-fully-backed-by-usd/amp/
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
If they own as much USDC on ethereum as they have issued on BSV, why can RelayX not buy and sell the coin direct?
1LeVwABdDk7BywKon6U1uMm7SrnTcSsHc2 ·
What is stable about it if the price fluctuates?