Bottom Line: In most cases, there is no meaningful independent auditing or regulation of any kind.
With few exceptions, no one gets to look behind the curtain and see what is *really* going on. All the details and techno-magic explanations are basically irrelevant because you're still totally at the mercy and whim of the exchanges and those running the "stable coin" to follow them.
In the exception cases, it's pretty much just another bank account with all the same operating rules and procedures but without FDIC insurance and watch out for those transaction and withdrawal fees.
Comments
Hocus pocus, smoke and mirrors, yadda yadda.
Bottom Line: In most cases, there is no meaningful independent auditing or regulation of any kind.
With few exceptions, no one gets to look behind the curtain and see what is *really* going on. All the details and techno-magic explanations are basically irrelevant because you're still totally at the mercy and whim of the exchanges and those running the "stable coin" to follow them.
In the exception cases, it's pretty much just another bank account with all the same operating rules and procedures but without FDIC insurance and watch out for those transaction and withdrawal fees.