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 ✳️ 

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.

Community Manager | @aothecomputer CM | @sarcophagus CM | Previous Engineer @ Intel | Play games that are NFTs at functionoverform.xyz

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

Only works if they are minting tether for free… 🥸