Fiat-backed stablecoins aren’t any completely different. Financially talking, sending somebody 100 USDC is not any completely different than sending them $100 through Venmo. In each instances, one person is handing over a declare in opposition to a stability sheet – Circle’s versus PayPal’s – to a different. From the issuers perspective, every greenback held by its person is only a legal responsibility, to be matched in opposition to equal belongings.
