/biz/ - Business & Finance

chainlink's proof of reserve unironically fixes this
there would be far less hysteria and speculatory movements if there was a reliable and unbiased way to know much collateral each stablecoin has

much like defi exploits basically forced 90% of the scene to adopt chainlink price feeds, incidents like this will also increase the demand for chainlink proof of reserve

and if usdc (and the other stables) are indeed insolvent... it will be a shitstorm, but it will serve to remind people that "trust" isn't the way to go and that we already have methods to minimize it, relying on proof and code instead to know the truth
companies saying "dude it's secured trust us bro we wouldn't lie" just wouldn't do it anymore, especially when alternatives are already here
trustlessness is all chainlink is about