#USDC, the 2nd largest #StableCoin is no longer stable. It depegged from the U.S. dollar and is now trading at 91 cents. A portion of its reserves were held in a non-insured account at #SVB. Just one domino of many that are about to topple. I triple dog dare #Powell not to pivot.
— Peter Schiff (@PeterSchiff) March 11, 2023
It has become depegged. Huge outflows. Volume is up o er 100%, all going out
coinmarketcap.com/currencies/usd-coin/
USDC is bound to Tether.
If Tether collapses, a lot of Bitcoin foundation does, too.
BREAKING: Circle confirms $3.3 billion of the ~$40 billion $USDC reserves are in collapsed Silicon Valley Bank.
— Watcher.Guru (@WatcherGuru) March 11, 2023
Contagion spreading? Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion. This is a normal risk-management procedural step to take while we monitor the situation.
Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion.
This is a normal risk-management procedural step to take while we monitor the situation.
— Binance (@binance) March 11, 2023