Over the last day, the value of USD Coin (USDC), the second largest stablecoin, decreased by 11% relative to its pegged value to the U.S. dollar.
Spoiler: No, stablecoin issuers do not guarantee the legal right for users to claim fiat currency back.
Circle CEO Jeremy Allaire is hoping the firm's positive relationship with regulators will help its banking license application when it is finally filed.
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