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July 28, 2021
If you’ve made is this far you’re probably wondering about the risks involved...
Wondering about the risks involved in using stablecoins? We’ll try to make it as simple as possible to understand, here we go!
Funds are held in USDC a stablecoin tracking USD. There is currently no exchange rate mitigation so you will be exposed to movements between USD/AUD.
The stablecoin we use is backed by cash and short-dated U.S. government obligations: even with this backing depegging can still occur.
Stablecoins can be affected by change in global market conditions.
It’s possible that someone could exploit vulnerability in the code of a stablecoin.
We use third party providers to secure our systems and processes (including Fireblocks as a custodial partner).
Internally we could have issues with our infrastructure that may prevent access to your balance.
Using stablecoins raises taxation issues and you should prepare to discuss this with a qualified professional.
The classification of stablecoins is unclear in many countries and it’s difficult to predict how regulatory bodies will react to new technology.
Digital dollars are becoming an increasingly common alternative to traditional fiat currencies. If you’re interested explore more of our content (or join the waitlist below).
Sign up via the app now.
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