[Animats]

For instance, the primary USDC contract on Ethereum is a proxy contract — it’s upgradable by design.

By whom?

"Upgrading" a contract should require the approval of all parties to the contract.

[davepeck]

Right. In the case of USDC, whoever has the private key to their proxy contract’s owner account. You’re trusting their engineering team to do the right thing.

(EDIT: if I’m reading my etherscan correctly, it’s account 0xfcb19e6a322b27c06842a71e8c725399f049ae3a with upgrade rights. Sorry, I’m in transit so tapping on my phone.)

[omarfarooq]

USDC is upfront about being centralized.

[Animats]

"Centralized" is not the same as "terms alterable at sole discretion".

(Obvious Darth Vader reference).

[omarfarooq]

In the case of USDC, it is: https://www.circle.com/en/legal/us-user-agreement

See 25. Amendments.