Coinbase amends claims on its website that USDC is backed 1:1 by USD, after Circle disclosed in July that commercial paper and other assets back USDC (Joe Light/Bloomberg)

Joe Light / Bloomberg:
Coinbase amends claims on its website that USDC is backed 1:1 by USD, after Circle disclosed in July that commercial paper and other assets back USDC  —  - Some assets of second-largest stablecoin carry default risk  — Coinbase as late as this month claimed coin is backed by cash