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.

It’s true but CP2 was still going to take time to implement, and I don’t see how USDT is meaningfully beyond the FINCEN AML regime which is global. Even given the above it feels *much* higher risk to me.

Freedom Factory | @ethos Ethereum mobile operating system. North maxi.🏰

Sure. I'm a US citizen. I wouldn't touch USDT with a 10 foot pole. However, I've heard recently that in Iran USDT is the most popular cryptocurrency because it allows Iranian citizens to hold a globally recognized currency without having to worry as much about it suddenly getting confiscated. USDT utility *does* exist.