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Comment by ur-whale | Hacker News Reader

> while BUSD and USDC have grown more.

If I am not mistaken, USDC (coinbase) is properly and regularly audited for proof-of-reserves?

Not so sure about Binance though.

But at any rate, if capital starts to migrate to audited stablecoins from POS (and by that, I don't mean proof of stake) like Tether, sounds to me like a good thing.

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> USDC (coinbase) is properly and regularly audited

I've only found attestations just like USDT, where did you see an audit?

I’m sure I’ve seen an audit before but because Coinbase is a public company all finances have to be released so you should be able to see it there too?

IIRC USDC is run by Circle, a separate legal entity. While CB and Circle might be controlled by the same people, they are not subject to the same legal disclosure requirements.

https://en.m.wikipedia.org/wiki/Circle_(company)

USDC doesn't stand for USDCoinbase it stands for USDCentre, where Centre is a private consortium between Cirlce, Coinbase, and Bitmain.

So no, don't think there is any way to see the actual backing.

You are wrong, both USDC and USDT are only attested, however USDC has tried to spin their attestation as an audit.

Gemini Dollar (GUSD) might be one of the few stablecoins that supposedly have audits backing them:

https://www.gemini.com/dollar

I don't have any loyalty to a coin, so I'd love it if someone could say something against them so I can weigh the risks appropriately. :)

BUSD is just rebranded Paxos Standard iirc.

You’re thinking about USDP, if I am not mistaken. BUSD is Binance dollar.

It's "Binance Dollar" but it's issued by Paxos. Though it isn't like the first person claimed, the most trusted among the community are DAI and USDC.

Wow, I didn't know that BUSD is also issued by Paxos, thank you.

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