✳️ 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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Martin Carrica
@mcarrica
The reason USDT is growing is stablecoin PMF in EM continues to grow, while DeFi activity is lowering due to interest rates. The network effects materialize in diff use cases.
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✳️ dcposch on daimo
@dcposch.eth
That might explain slower trends but there’s a $10b cliff in both graphs USDC > USDT immediately around the SVB depeg
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