Michele
Sun May 12 2024
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6 answers
1381
Is USDC backed by real dollars?
I've been hearing a lot about USDC, and it's supposed to be a stablecoin. But I'm still a bit confused about its backing. So, could you clarify for me, is USDC really backed by real dollars? I've read that it's supposed to maintain a one-to-one peg with the US dollar, but I want to know how exactly that works. Is there a reserve of US dollars held somewhere that backs every USDC token in circulation? And how do we know that the reserve is actually there and hasn't been tampered with? I'm just trying to understand the mechanics behind it and how reliable it is as a store of value. Thanks for your help!
Chloe_thompson_artist
Sun May 12 2024
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5 answers
1155
Is USDT backed by USD?
I've often heard that USDT is somehow connected to the US dollar, but I'm not entirely sure how. Could you clarify for me? Is USDT actually backed by USD in a direct way? I'm trying to wrap my head around the concept of stablecoins and how they maintain their pegged value. If USDT is indeed backed by the US dollar, how does that process work? And what happens if the value of the US dollar fluctuates? Would that affect the value of USDT? I'm really curious about this and would appreciate a detailed explanation.
CryptoAlchemyMaster
Tue May 07 2024
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6 answers
1641
What celebrities backed the FTX?
Could you tell me who the celebrities are that have shown support for FTX? I'm quite interested in knowing which high-profile figures have thrown their weight behind this cryptocurrency exchange. It seems like a pretty big deal, and I'm curious to understand who exactly is behind it. Are there any specific celebrities that you could mention, or is it a diverse group of individuals? I'd appreciate any information you can provide.
KatanaSwordsmanship
Thu Mar 28 2024
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7 answers
1186
Is USDT backed by real money?
I've heard a lot about USDT, but I'm still a bit confused. Is USDT really backed by real money? Or is it just a digital token with no actual value? And if it is backed by real money, how do we know it's true? Are there any audits or verifications done to ensure its solvency? I'm just trying to understand the mechanics behind it and make sure my investments are safe. Could you please clarify this for me?
SakuraSpirit
Thu Mar 28 2024
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5 answers
1365
Is USDT backed by anything?
Good afternoon, I am relatively new to the world of cryptocurrencies and I am trying to wrap my head around the concept of stablecoins. One particular stablecoin that has caught my attention is USDT. I understand that it is pegged to the value of the US dollar, but what exactly backs it? Is it fully collateralized? If so, what assets are being used as collateral? And how do we ensure the collateral is sufficient to back the issued USDT? Thank you for your time and assistance.
