what's the deal with svb? genuine question, i am very out of the loop.

𝚆𝙾𝚁𝙺𝙸𝙽𝙶 𝙾𝙽: ensdata.net ✦ pugson.net/rfe ✦ @vision 👁️ ✦ 𝙿𝚄𝙶.𝙴𝚃𝙷 ✦ 𝙿𝚁𝙴𝚅: @rainbow 🌈 

Significant portion of SV capital stack is at SVB — startups, VCs, etc. 

They had a bank run. Today they were shut down by the government. TBD on what happens next. 

A lot of startups don’t have access to money for payroll.

Would you be concerned about Circle / USDC? SVB only held a small % of assets but we know how much FUD can pull things down

I like building apps on web3 protocols. DevRel @ ENS Labs. gregskril.com

There’s been concerns with ACHs out of Circle not working and yeah the whole some of the reserves being in SVB😕

Binance also stopped allowing USDC to swap for BUSD

and who knows who's taking the other side of that with treasuries.

project I'm a part of is seriously considering dumping DAI for BTC