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 ✳️ 

now /backpack • building @so many products • prev. @everyname (acq) @nethermind @proximacapital @consensysacad • thomphreys.com

i think it's clear from the chart that there are whales who are either significantly more confident in Tether reserves, or significantly more scared of US going after stablecoins, than most here.

(a good sign for usdt ofc, corroborates the meme)

but im still super curious what they know that we don't.