JerryChiang
2021-08-12
Wow, what happened to all the stable coins...not so stable after all
Coinbase Admits Its USDC Stablecoin Not Fully Backed By Dollar<blockquote>Coinbase 承认其 USDC 稳定币并未完全得到美元支持</blockquote>
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The March 2020 report stated that the coin’s reserves were held at federally insured U.S. depository institutions. But, in April 2020, it was changed to clarify that the reserves could also be held in “approved investments\" with no further detail.</p><p><blockquote>管理美元硬币储备的中心财团发布储备审计报告。2020 年 3 月的报告称，该硬币的储备存放在有联邦保险的美国存管机构。但在 2020 年 4 月，报告进行了修改，澄清储备也可以存放在 “批准的投资 ”中，但没有进一步的细节。</blockquote></p><p> <b>What Else:</b> Circle intends to go public later this year in a merger with a special purpose acquisition company at a $4.5 billion valuation.</p><p><blockquote><b>还有什么：</b>Circle 打算在今年晚些时候与一家特殊目的收购公司合并，以 45 亿美元的估值上市。</blockquote></p><p> The payment company was purportedly investing in building its profits ahead of this operation and described investing its reserves as one of the “fundamentals of our financial model\" during an investor presentation.</p><p><blockquote>据称，这家支付公司在此次运营之前正在投资积累利润，并在向投资者介绍时称，投资其储备是“我们财务模式的基本要素”之一。</blockquote></p><p> USD Coin's reserve closely resembles money-market mutual funds, but Circle does not pay a yield to investors, which is more than enough to make it worthwhile even when considering that it does not charge a management fee either.</p><p><blockquote>USD Coin 的储备与货币市场共同基金非常相似，但 Circle 不向投资者支付收益率，即使考虑到它也不收取管理费，这也足以使其物有所值。</blockquote></p><p> Last week's Circle's filing with the Securities and Exchange Commission reveals that the company earned about $3.2 million in the first quarter on the interest income from USD Coin’s reserves — worth about $11 billion at the end of March.</p><p><blockquote>Circle 上周向美国证券交易委员会提交的文件显示，该公司第一季度从 USD Coin 储备的利息收入中赚取了约 320 万美元，截至 3 月底，这些储备的利息收入约为 110 亿美元。</blockquote></p><p> The document also revealed that a percentage of the earnings was shared with Coinbase — as set by their contractual agreements — and that it earned about $14.1 million through its other activities.</p><p><blockquote>该文件还透露，根据合同协议的规定，一定比例的收益与比特币基地分享，并且比特币基地通过其他活动赚取了约 1410 万美元。</blockquote></p><p> <b>Price Action:</b> Despite this controversy, USD Coin's value did not unpeg from the United States dollar by press time, standing at $0.99.</p><p><blockquote><b>价格行为：</b>尽管存在争议，但截至发稿时，美元硬币的价值并未脱离美元，为0.99美元。</blockquote></p><p> Coinbase stock closed at $278 and was trading 1.19% lower, at $275 after-hours.</p><p><blockquote>Coinbase 股价收于 278 美元，盘后下跌 1.19%，至 275 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase Admits Its USDC Stablecoin Not Fully Backed By Dollar<blockquote>Coinbase 承认其 USDC 稳定币并未完全得到美元支持</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-12 09:51</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>US-based cryptocurrency exchange <b><a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> </b>admitted that <b>USD Coin</b> (CRYPTO: USDC) — a stablecoin that it launched in collaboration with fintech firm Circle — is not fully backed by the United States dollar.</p><p><blockquote>美国加密货币交易所<b><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a></b>承认<b>美元硬币</b>（加密货币：USDC）——它与金融科技公司Circle合作推出的一种稳定币——并没有得到美元的完全支持。</blockquote></p><p> <b>What Happened:</b> Following Circle's disclosure of USD Coin's assets last month, Coinbase walked back on its previous claims about the backing of the coin, admitting that it is not fully backed by United States dollars and editing its website.</p><p><blockquote><b>发生了什么：</b>继 Circle 上个月披露 USD Coin 的资产后，Coinbase 收回了之前关于该硬币背书的说法，承认它没有得到美元的完全支持，并编辑了其网站。</blockquote></p><p> According to Bloomberg, the Coinbase website's page dedicated to USDC changed its description from \"backed by one US dollar,\" \"held in a bank account,\" to \"backed by one dollar or asset with equivalent fair value.\"</p><p><blockquote>据彭博社报道，Coinbase 网站专门介绍 USDC 的页面将其描述从“由一美元支持”、“存入银行账户”改为“由一美元或具有同等公允价值的资产支持”。</blockquote></p><p> Circle's report shows that about 61% of its tokens are backed by “cash and cash equivalents,” meaning cash and money market funds.</p><p><blockquote>Circle 的报告显示，其约 61% 的代币由 “现金和现金等价物 ”支持，即现金和货币市场基金。</blockquote></p><p> Another 13% is backed by Yankee Certificates of Deposit issued by non-U.S. banks, U.S. Treasuries account for 12%, commercial paper accounts for 9%, while the rest is backed by municipal and corporate bonds.</p><p><blockquote>另外13%由非美国银行发行的美国佬存单支持，美国国债占12%，商业票据占9%，其余由市政和公司债券支持。</blockquote></p><p> <b>Why It's Important:</b> Those assets could experience losses and are less liquid than cash, which could cause trouble if customers ever tried to redeem the stablecoin en masse.</p><p><blockquote><b>为什么重要：</b>这些资产可能会遭受损失，并且流动性低于现金，如果客户试图集体赎回稳定币，这可能会造成麻烦。</blockquote></p><p> Columbia Law School lecturer Lev Menand pointed out that \"you can’t market a product with falsities\" and claimed that failure to disclose this data constitutes a consumer protection violation.</p><p><blockquote>哥伦比亚大学法学院讲师列夫-梅南德（Lev Menand）指出，“你不能销售带有虚假信息的产品”，并声称不披露这些数据构成违反消费者保护规定。</blockquote></p><p> He highlighted that \"there’s a material difference and a huge amount of evidence that something backed by dollars held in a bank account is different than something backed by things like U.S. Treasuries or corporate paper.”</p><p><blockquote>他强调，“银行账户中持有的美元支持的东西与美国国债或公司票据等支持的东西是不同的，这是一个实质性的区别，也是大量的证据”。</blockquote></p><p> He has gone as far as to suggest that this could be something that the Federal Trade Commission could investigate since it is tasked with taking action against “unfair or deceptive acts or practices.”</p><p><blockquote>他甚至表示，这可能是联邦贸易委员会可以调查的事情，因为该委员会的任务是对 “不公平或欺骗性的行为或做法 ”采取行动。</blockquote></p><p> The Centre Consortium — which manages USD Coin's reserves — publishes reserve audit reports. The March 2020 report stated that the coin’s reserves were held at federally insured U.S. depository institutions. But, in April 2020, it was changed to clarify that the reserves could also be held in “approved investments\" with no further detail.</p><p><blockquote>管理美元硬币储备的中心财团发布储备审计报告。2020 年 3 月的报告称，该硬币的储备存放在有联邦保险的美国存管机构。但在 2020 年 4 月，报告进行了修改，澄清储备也可以存放在 “批准的投资 ”中，但没有进一步的细节。</blockquote></p><p> <b>What Else:</b> Circle intends to go public later this year in a merger with a special purpose acquisition company at a $4.5 billion valuation.</p><p><blockquote><b>还有什么：</b>Circle 打算在今年晚些时候与一家特殊目的收购公司合并，以 45 亿美元的估值上市。</blockquote></p><p> The payment company was purportedly investing in building its profits ahead of this operation and described investing its reserves as one of the “fundamentals of our financial model\" during an investor presentation.</p><p><blockquote>据称，这家支付公司在此次运营之前正在投资积累利润，并在向投资者介绍时称，投资其储备是“我们财务模式的基本要素”之一。</blockquote></p><p> USD Coin's reserve closely resembles money-market mutual funds, but Circle does not pay a yield to investors, which is more than enough to make it worthwhile even when considering that it does not charge a management fee either.</p><p><blockquote>USD Coin 的储备与货币市场共同基金非常相似，但 Circle 不向投资者支付收益率，即使考虑到它也不收取管理费，这也足以使其物有所值。</blockquote></p><p> Last week's Circle's filing with the Securities and Exchange Commission reveals that the company earned about $3.2 million in the first quarter on the interest income from USD Coin’s reserves — worth about $11 billion at the end of March.</p><p><blockquote>Circle 上周向美国证券交易委员会提交的文件显示，该公司第一季度从 USD Coin 储备的利息收入中赚取了约 320 万美元，截至 3 月底，这些储备的利息收入约为 110 亿美元。</blockquote></p><p> The document also revealed that a percentage of the earnings was shared with Coinbase — as set by their contractual agreements — and that it earned about $14.1 million through its other activities.</p><p><blockquote>该文件还透露，根据合同协议的规定，一定比例的收益与比特币基地分享，并且比特币基地通过其他活动赚取了约 1410 万美元。</blockquote></p><p> <b>Price Action:</b> Despite this controversy, USD Coin's value did not unpeg from the United States dollar by press time, standing at $0.99.</p><p><blockquote><b>价格行为：</b>尽管存在争议，但截至发稿时，美元硬币的价值并未脱离美元，为0.99美元。</blockquote></p><p> Coinbase stock closed at $278 and was trading 1.19% lower, at $275 after-hours.</p><p><blockquote>Coinbase 股价收于 278 美元，盘后下跌 1.19%，至 275 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139316023","content_text":"US-based cryptocurrency exchange Coinbase Global, Inc. admitted that USD Coin (CRYPTO: USDC) — a stablecoin that it launched in collaboration with fintech firm Circle — is not fully backed by the United States dollar.\nWhat Happened: Following Circle's disclosure of USD Coin's assets last month, Coinbase walked back on its previous claims about the backing of the coin, admitting that it is not fully backed by United States dollars and editing its website.\nAccording to Bloomberg, the Coinbase website's page dedicated to USDC changed its description from \"backed by one US dollar,\" \"held in a bank account,\" to \"backed by one dollar or asset with equivalent fair value.\"\nCircle's report shows that about 61% of its tokens are backed by “cash and cash equivalents,” meaning cash and money market funds.\nAnother 13% is backed by Yankee Certificates of Deposit issued by non-U.S. banks, U.S. Treasuries account for 12%, commercial paper accounts for 9%, while the rest is backed by municipal and corporate bonds.\nWhy It's Important: Those assets could experience losses and are less liquid than cash, which could cause trouble if customers ever tried to redeem the stablecoin en masse.\nColumbia Law School lecturer Lev Menand pointed out that \"you can’t market a product with falsities\" and claimed that failure to disclose this data constitutes a consumer protection violation.\nHe highlighted that \"there’s a material difference and a huge amount of evidence that something backed by dollars held in a bank account is different than something backed by things like U.S. Treasuries or corporate paper.”\nHe has gone as far as to suggest that this could be something that the Federal Trade Commission could investigate since it is tasked with taking action against “unfair or deceptive acts or practices.”\nThe Centre Consortium — which manages USD Coin's reserves — publishes reserve audit reports. The March 2020 report stated that the coin’s reserves were held at federally insured U.S. depository institutions. But, in April 2020, it was changed to clarify that the reserves could also be held in “approved investments\" with no further detail.\nWhat Else: Circle intends to go public later this year in a merger with a special purpose acquisition company at a $4.5 billion valuation.\nThe payment company was purportedly investing in building its profits ahead of this operation and described investing its reserves as one of the “fundamentals of our financial model\" during an investor presentation.\nUSD Coin's reserve closely resembles money-market mutual funds, but Circle does not pay a yield to investors, which is more than enough to make it worthwhile even when considering that it does not charge a management fee either.\nLast week's Circle's filing with the Securities and Exchange Commission reveals that the company earned about $3.2 million in the first quarter on the interest income from USD Coin’s reserves — worth about $11 billion at the end of March.\nThe document also revealed that a percentage of the earnings was shared with Coinbase — as set by their contractual agreements — and that it earned about $14.1 million through its other activities.\nPrice Action: Despite this controversy, USD Coin's value did not unpeg from the United States dollar by press time, standing at $0.99.\nCoinbase stock closed at $278 and was trading 1.19% lower, at $275 after-hours.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":529,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":57,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/895866934"}
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