Base

So it’s like this MF:

USDC is a stable coin issued by a circle bank, which holds a proportionate amount of 1-1 collateral in the form of US treasuries or bonds in case of a Black Swan event, while the price is pegged to Fiat dollar

One of the first stable coins was USDT which is the eighth or ninth largest holder of US treasuries

Also, @mikedemarais.eth owes me $2 USDC (collecting interest at a high % APR)

📍            product @ grayscale • zachharris.xyz

okok so there is a balance somewhere that holds that money in cash. so the usdc/eth pair has liquidity that comes from that? where is the liquidity added?

is there like a “leap in technology” in usdc per se?