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

Real World Ethereum 🌎 
building /daimo ✳️ 

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.

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