We wanted to make sure that no consumer was confused about what a stablecoin is versus what a dollar sitting in a bank account is. Because Stablecoins are not FDIC insured. They aren't bank accounts. They don't have the same protections. Whereas we put different protections in for stablecoin, we've made sure that every stablecoin was backed by a US Dollar or a US Dollar equivalent. (09:08–09:12)
CLAIM
Asserts that stablecoins do not have FDIC insurance.
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