Coinbase Drops Promise of Token's Cash Backing That Wasn't True.

Keywords: 13165Z; 3648823Z; COIN; ALLTOP; BON; BUSINESS; COS; DIGITALCUR; GOV; INDUSTRIES; MARKETS; NORTHAM; TEC; TECSVC; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPEU EN 13165Z 3648823Z COIN ALLTOP BON BUSINESS COS DIGITALCUR GOV INDUSTRIES MARKETS NORTHAM TEC TECSVC TOP US WORLD WWTOP WWTOPAM WWTOPEU For months, a visitor to the website of Coinbase Global Inc., the largest U.S. cryptocurrency exchange, would see that the company offered a stablecoin called USD Coin with a simple premise: For every dollar offered to investors, there was $1 "in a bank account" to back it. It helped USD Coin grow to be the world's second-largest stablecoin, with $28 billion in assets. But when Circle Internet Financial Inc., Coinbase's partner in offering the coin, disclosed USD Coin's assets for the first time last month, it turns out the promise wasn't true. [Extracted from the article]

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