✳️ dcposch on daimo
@dcposch.eth
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
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John Gazzini
@gazzini
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.
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