[dzmien]

I can't access the article to read it, but according to the USDC[0] page on the Coinbase website:

> "Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions."

Is the part about being backed by USD or "asset[s] with equivalent fair value" the point of contention? Did they originally claim that each USDC was backed by USD (cash) only?

[0] https://www.coinbase.com/usdc/

[Marazan]

Correct.