✳️ 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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𒂠_𒍣𒅀_𒊑
@m-j-r
saw a treasury take a 10% loss on panic-dumping DAI for ETH. I was the only voice advising the opposite at the time. 🤷♂️
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𒂠_𒍣𒅀_𒊑
@m-j-r
tbqh I think Circle's exposure is an immense fat tail, but it's a drop in the bucket should any central bank intervene (which they predictably did).
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𒂠_𒍣𒅀_𒊑
@m-j-r
USDT's major flaw is commercial paper. it's not going down without a fight, but if we're debating whether stables are depegging in such a stressful environment, then the only safe haven is RWA & other adjacent classes anyway.
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