Will USD Coin (USDC) Collapse?
Published in
5 min readMar 13, 2023
USD Coin’s (USDC) problems are exposing the lie behind stablecoins. The lie is that stablecoins contain fiat currencies such as dollars.
For example, many people think US Dollars back USD Coin. In reality, stablecoins contain a payment mechanism (a smart contract) that makes payment in fiat currency when you spend the stablecoin. For instance, USD Coin makes payment in US dollars from bank accounts when spent.
