so SVB happened, USDC briefly depegs and... people move $10b over to USDT?

very curious if anyone here knows more. from the outside, moving from Circle to Tether because you're worried about trustworthy collateral seems crazy. the ultimate "from the frying pan to the fire" situation

i don’t know more but just got an idea for your new ens

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Best explaination so far, I agree there were people thinking this way. 

I’m not sure they’re right. If it turns out USDT is within reach of US regulators after all, it’s a bigger target

USDC is tied to US banks, USDT very much is not. That weekend, the overwhelming narrative was that the US banks were ordered to kill the crypto industry. In a really weird and unintuitive way USDT was the safest bet for people trying to escape the possible USDC collapse.

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i think it's clear from the chart that there are whales who are either significantly more confident in Tether reserves, or significantly more scared of US going after stablecoins, than most here.

(a good sign for usdt ofc, corroborates the meme)

but im still super curious what they know that we don't.

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Gotta be the other way around , right? Selling USDC for cash during the depeg is an L

I read a post on this where they explained that this is a vampire attack happening. Basically, take tether and trade it for USDC, sell that USDC for cash (no fees for this on big exchanges like Coinbase), then buy Tether with that cash, repeat.

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That might explain slower trends but there’s a $10b cliff in both graphs USDC > USDT immediately around the SVB depeg

The reason USDT is growing is stablecoin PMF in EM continues to grow, while DeFi activity is lowering due to interest rates.
The network effects materialize in diff use cases.

It blows my mind still that people trust tether without going through a formal third party audit…

People would have preferred to exit to cash, but major CEXs (including Coinbase) halted USDC activity.

Even for ones that didn't explicitly halt USDC, there was significant risk that a fiat withdrawal wouldn't be honored.

So, they converted to the next-best thing. Stablecoin with no SVB exposure.

IME Circle is 🐐 when it comes to using stables as a business, the best experience I've found to on/off-ramp for a business I've found by miles.

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saw a treasury take a 10% loss on panic-dumping DAI for ETH.

I was the only voice advising the opposite at the time. 🤷‍♂️

Not relying on usdt for my affairs but facts are usdc depegged and usdt didn't

I think your assumption is that people are smart and markets efficient. If you drop those, you could also come to interesting conclusions

Last I checked DAI mostly collateralized by USDC at the time. Not a ton of room to go to. And I remember TUSD going parabolic around that time due to demand so…you’d be paying a premium for dollars.