USDC

“So of the two hundred billion, about a hundred and fifty billion are fiat backed stable coins. The largest one is Tether. The second largest one is USDC, and then there are longer tail of others.”

“So if you own USDT, you're taking tether counterparty risk. How do you price that? What return do you need to earn to make that worth your while? If you own USDC, you're taking kind of circle counterparty risk, and you're making a bet on their risk management.…”

“And now it's just which chain does USDC and Tether go to? Because they can't duplicate the offline reserves. When the chain forks, they really are going to determine the real chain.”

“USDC gets all the attention from the regulators and the other ones are ignored. And it creates this perverse incentive where it actually, I think, incentivizes people to be offshore, more aggressive, because they don't get the scrutiny, and the people that wan…”