Cryptocurrency Q&A
What is USDC and USDT backed by?
What is USDC and USDT backed by?
SophieJones
Mon May 13 2024
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5 answers
1588
Could you elaborate on the nature of USDC and USDT and what they are backed by? I'm particularly interested in understanding the fundamental mechanisms that support their stability and value. Are they pegged to any particular asset or are they reliant on specific technological advancements? Additionally, I'd like to know if there are any regulatory frameworks or institutions that oversee their issuance and management. Your insights would greatly assist me in gaining a comprehensive understanding of these cryptocurrencies.
5 answers
SolitudeSeeker
Wed May 15 2024
This ensures their stability and reduces the volatility often associated with other cryptocurrencies.
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CryptoQueen
Wed May 15 2024
Tether and USD Coin belong to a category of cryptocurrencies known as fiat-collateralised stablecoins.
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SamsungShineBrightness
Wed May 15 2024
This type of stablecoin, also referred to as off-chain stablecoin, is distinguished by its backing mechanism.
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DreamlitGlory
Wed May 15 2024
Both Tether and USD Coin are backed by reserves of traditional fiat currencies, specifically the US dollar.
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Sara
Tue May 14 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services to cater to the needs of crypto enthusiasts.
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