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#稳定币 I just saw the news that Ripple received approval from the U.S. Office of the Comptroller of the Currency to establish a trust bank, and suddenly I have big doubts about stablecoins🤔
I've always heard about USDT, USDC, but never really understood how exactly stablecoins are "stabilized." Now that I see Ripple is going to issue its own USD stablecoin RLUSD, managed through a legitimate bank, it seems much more complicated than I previously thought.
Does this mean that stablecoins are actually backed by real assets? Like, does this Ripple USD really have USD reserves in the bank? Or am I misunderstanding? The approval from the regulatory agency sounds quite strict, so will RLUSD be safer than other stablecoins?
By the way, can anyone explain why stablecoins need so much regulation and bank support? My curiosity is piqued. Can someone tell me the basic logic behind stablecoins in a way that even a newbie like me can understand😅