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#usdc

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⚯ Michel de Cryptadamus ⚯

#FinancialTimes did a deep dive on the business model of the world's second largest #stablecoin: Circle's #USDC. It's the one that's managed by an American company and is significantly less connected to Chinese organized #crime than the other #stablecoins.

Circle, which has a very deep business relationship with #Coinbase, is trying to go public this year or next. This is their second attempt - they filed to go public ca. 2021 but ended up not doing so because... no one wanted to buy shares in a company like Circle.

I suffered through reading Circle's original SEC filing in 2021 and it made clear that a) Circle wasn't making any money and b) executive compensation was *absurdly* high... but that was in a low interest rate environment. according to #FTAV they can't even make the math work in today's high interest rate world, which surprised me.

* FT: ft.com/content/269a9260-7445-4
* no paywall: archive.ph/9gGGm

#crypto#uspol#finance
Public
⚯ Michel de Cryptadamus ⚯

great explanation of what the Trump family is really doing with their new #stablecoin #USD1:

> "Imagine a banking system stripped of all current safeguards and requirements. Now imagine it's controlled by people who run commercial businesses profiting from your spending. That is what the GENIUS Act is paving the way for. It poses significant risks to the economy, the consumer, and national security."

thesillyserious.substack.com/p

#stablecoins#Trump#uspol
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⚯ Michel de Cryptadamus ⚯

Good article in The Prospect about the coming STABLE and GENIUS acts, which will give an implicit bail out guarantee to crypto money laundering firms - sorry, i mean "stablecoins" - like #Tether and #Circle (#Coinbase). One of the two would also let #ElonMusk print his own dollars.

Senate #Democrats like #KirstenGillibrand, #ElissaSlotkin, and #RubenGallego, whose election campaigns were supported by incredible amounts of crypto money, will probably make sure these bills become laws (because they are corrupt).

Note that stablecoins are currently incredibly profitable businesses. After all a stablecoin is basically a bank where you spend nothing on anti-money laundering & other regulations, refuse to assist customers who have been scammed, and collect 5% interest from the US government while passing absolutely none of it on to your customers.

prospect.org/power/2025-03-10-

#crypto#senate#uspol
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⚯ Michel de Cryptadamus ⚯

Senator #KirstenGillibrand (D-NY) is basically a wholly owned subsidiary of #Coinbase, #a16z, and the rest of the US crypto industry (as this Op-Ed in CoinDesk makes abundantly clear).

Unfortunately she never got the memo about how the preferred nomenclature is now “#tokenization” and “RWAs” because “#Web3” just makes people think of monkey JPGs / #NFTs.

What’s really happening here is that Circle / Coinbase are trying to get the US Government to legislate #Tether out of their market. While I support this goal I don’t think legitimizing Circle’s #USDC - who are, if anything, worse about compliance than Tether - is good policy.

coindesk.com/opinion/2025/02/1

CoinDesk · Why We Need a Bipartisan Stablecoin Bill – GillibrandThe new Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act lays the groundwork for a new era of American exceptionalism, says Senator Kirsten Gillibrand, of New York.
#uspol#uspolitics#SenatorGillibrand
A répondu dans un fil de discussion
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⚯ Michel de Cryptadamus ⚯

@wackJackle @GhostOnTheHalfShell USDC is almost definitely backed by dollars. the funds are in trust at blackrock (Tether is another matter, though i tend to lean more towards "the money Tether has is dirty" than "Tether doesn't have the money")

as far as how to mint #USDC, you open an account at Circle, send them $100, and they send 100 USDC to your wallet address. practically speaking due to the close relationship of Circle and #Coinbase this all happens in the Coinbase app - you wire money to Coinbase at #CrossRiverBank (that's a whole other topic but suffice it to say it's a bank that got a 100 page Congressional report devoted to the ways it facilitated truly epic amounts of covid relief fraud) and Coinbase puts 100 USDC in your trading account.

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⚯ Michel de Cryptadamus ⚯

Billions in MAGA voter money for #TrumpCoin:

the stablecoin most used by americans (the #coinbase one, #USDC) has seen its market cap shoot up ~$4 billion since the introduction of #TrumpCoin. while some offshore people can mint and redeem USDC it's mostly americans who do so, so that's probably a decent proxy, at least order of magnitude wise, for how much #MAGA voter money was sucked into crypto by #TRUMP and #MELANIA.

chart below. dune analytics query for those who know SQL and want to dig is here: dune.com/queries/4629918/77119

#uspol#uspolitics#DonaldTrump
Public
Cryptocurrency News Worldwide

Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday

news.bitcoin.com/bitcoin-surge

#MarketCapitalization #MarketValuation #Cryptocurrency #MarketUpdates #DigitalAssets #kimchipremium #marketupdates #Bitcoin(BTC) #BitcoinPrice #globalmarket #TradingPairs #USTcollapse #Blockchain #investment #SouthKorea #BTCPrices #Greenback #MarketCap #Bitcoin #Finance #market #Tether #Asset #BUSD #USDC

Bitcoin NewsBitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday – Market Updates Bitcoin NewsBitcoin reached a high of $28,243 per unit on Sunday as the leading cryptocurrency has continued to rise in value during the last week.
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