Circle has verified that $3.3 billion of its funds are held at Silicon Valley Bank.
#Circle #confirms #billion #reserves #Silicon #Valley #Bank
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I understand what you are saying, but I would like to hear your explanation in more detail to ensure I fully comprehend the meaning. #Rookie
I was waiting for tether to collapse so i pulled all my money into usdc. I thought i was smart…
Coinbase announces pause of usdc/usd conversions till Monday! This is getting real now
It’s funny because this can never happen to Tether. Since they printed everything out of thin air, there are no reserves to disappear.
BUSD and USDC really got bodied before USDT. This is a wild timeline
Tether winning the Stablecoin battle
It appears cryptos biggest weakness is exposure to the US banking industry, and the emulation of it.
Innocent question: why this panic? I mean, the Bank is gonna sell themselves. There is no bankruptcy at the moment. Maybe general overreaction? Too much fear accumulated?
Imagine banks failing being a reason not to own crypto… The future is now!
To quote a classic “GUH”….
$40 billion market cap, so they’d be about 8% exposed here if they truly were 1:1 backed by fiat.
But on Twitter they said they hold 25% of reserves with 6 banking partners (including SVB).
The rest is in US Treasury securities according to their latest report:
Circle’s annual interest received from their short duration treasury is around 2.2 billion. Even if the entire $3.3 billion is lost you will still be able to recoup 95%+ of your loss, not to mention that SVB is not insolvent, it actually has assets to back up its liabilities ( the collapse is purely a liquidity squeeze), in actuality Circle’s max loss from SVB is probably around 200million which is a drop in the bucket for Circle.
People in this thread screaming the end of USDC just goes to show you we are still so early in this space, so many clueless investors in this space still.
I probably should have acted on this [https://www.reddit.com/r/CryptoCurrency/comments/10ijz9h/tinfoil_hats_on_which_crypto_conspiracy_theory_do/j5f2lne/?context=3](https://www.reddit.com/r/CryptoCurrency/comments/10ijz9h/tinfoil_hats_on_which_crypto_conspiracy_theory_do/j5f2lne/?context=3) lmao
So each usdc is currently 92-93 cents backed.
But if the US government bailed out Silicon Valley bank, it snaps back to $1.00 instantly.
So you gotta bet $11.50 to win $1.
I wonder how this affects coinbase credit card users? I wonder if the card can be used via usdc until after the weekend.
Fuck.. Guess my btc/usdc long is extra rekt
Is Coinbase preventing conversion yet lol?
I am buying USDC with a 7% discount at CB. I find it most likely to repeg.
If enough people swap from USDC while it’s sub $1 won’t it eventually recover the peg due to people taking the losses?
Sub is going crazy over an exposure of less than 10% when Cicrcle has expressed that most funds are with Blackrock… definently reverse r/cc is the play here
if usdc gets depegged it sets crypto back another 5 years
Wait.. what’s happening? Too many damn downvotes here for no fuckin reason.
Will this could get awkward
Just when you think you’ve seen it all
Holy da moly
Feels to me like we’re getting close to a major capitulation or it’s already happened. The fear and uncertainty in this sub feels worse than when we hit sub 10 on the BTC fear and greed index. I’m getting very panicky vibes. Good luck everyone! Shits getting crazy.
thank god im broke.
Everyone was calling on Tether to implode I guess inverse r/cc has worked again
About 8 1/4 percent. They’ll get a good portion portion of it back. Circle has big backers and they still have a lot of revenue to expect from the treasuries they hold. They should be fine
… and poof. USDC’s superiority is gone. Another narrative shot in the spot.
Not a good look at all.
The fact that USDT may be the last one standing, after years of black swans and this subs nonstop FUD, is comical.
Shit is getting real? Monday is gonna be baddddd….
Well the feds got you covered for $250,000.
Should I be converting my USDC or wait to see if it can recover? Getting bit worried