Polymarket's USD stablecoin to be 100% backed by $USDC - No fractional reserve - No algorithmic peg They easy money grab for @polymarket would have been to make a fractional reserve stablecoin : > take the $USDC deposits > issue $pUSD in return > keep just enough $USDC aside to fill withdrawals > lend the $USDC deposits and make money on it They have enough trust to pull it off + the pockets to bailout any unforeseen crash. But they decided to stay 100% backed and lock the collateral in the contract, foregoing any extra yield they could have made. It's respectable when you know that not even stablecoins issuers themselves keep 100% backing these days ( Hello @tether ) Bullish on these guys
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