The US Dollar Coin is gradually re-aligning itself with the unverified news of a resolution from SVB.
#USD #Coin #slowly #repegs #unconfirmed #reports #SVB #resolution
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tldr; According to Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of Silicon Valley Bank (SVB). Elliot claimed that “big banks are actively working on buying SVB business,” the FDIC is planning to cover 95% of uninsured depositors to the acquirer, and that 50% of deposits will be paid out next week.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today’s trending news [here](https://coinfeeds.substack.com).*
Hopefully on Monday when the banks reopen, we have a good pegging again
I’m scared that if I buy usdc now this would be the end of crypto
Rumors circling that SVB will be able to cover around 50% of deposits this week – bringing the % of reserves down to 4% stuck. So, all in all, I think USDC should be max capped at .96 the lowest.
This weekend is critical for Silicon Valley Bank.
With markets closed, this is like the “bear Stearns” story in 2008 :
– On a Friday, Bear Stearns collapsed from liquidity issues.
– 2 days later, JP Morgan acquired them.
Fed will definitely work something up in their emergency meeting on Monday. They can’t make the domino effect gets much worse, as so many Startups are on the verge of collapse.
The biggest takeaway IMO is that their entire 30+B treasury portfolio only has less than 3 month duration which means usdc was never in serious danger of a bank run so all this FUD and panic selloff was unnecessary. Sucks to be that guy who lit up $2m.
Of course it is. No one knows how these transitions work for banks. Open Monday, new bank ownership, everyone fine.
And congrats to all who bought usdc at a 10% discount.
Circle posted an update, it looks reassuring: [https://www.circle.com/blog/an-update-on-usdc-and-silicon-valley-bank](https://www.circle.com/blog/an-update-on-usdc-and-silicon-valley-bank)
TLDR: “USDC liquidity operations will resume as normal when banks open on Monday morning in the United States. As a regulated payment token, USDC will remain redeemable 1 for 1 with the U.S. Dollar.”
Let’s hope it makes it.
The last thing we want now is for stables to go under.
we’ll see tomorrow, don’t be hasty 🙂
r/cc for last 5+ years: Don’t trust Tether
r/cc today: Sell USDC for 88 cents on the dollar! Don’t let another UST happen to you!
As usual, the correct way is to do the exact opposite of what r/cc says. The comparisons between USDC and UST couldn’t be more off base.
USDC was on discount today. Congratulations to everyone who loaded up during panic selling.
Fortune favors the bold
No matter what happens, have a plan.
If we tank and you want to buy more, go for it. Pull out if your scared. Do whats best for yourself. Unknown territory plagues this space, don’t over invest
Wait till Monday.
Feel so relieve to see USDC repegging again. Really can use a week or two, to live without any shit shows……
Not touching usdc after this. They lost 10% of their backing.
It may take another few days to repeg if it does. Be careful with this one.
I’m really hoping for USDC to regain its peg. The FED is already extremely hawkish which makes BTC falls sub 20k.
If anything happens to USDC, we might experience more pain, which I dont want to see or experience
It will probably repeg on Monday, I still believe prices will dive for the whole week tho.
Of course what I say is based on nothing, because come on, we know nobody knows shit about fuck🤣
Hoepfully a full repeg. Still feel back for the dude who swapped his 2m for 0.5 usdt
So it was a good thing that Circle/Coinbase/… stopped withdrawals, thus stopping the bank run?
Let’s see what happens Monday when trading is no longer halted…wild ride
Where’s JPow and Gensler when you need them?
So will SVB fail? Resolution barely works as a viable solution
It’s not a “peg” if it slides. Let’s just call it a slider. It’s slowing sliding back up.
It will probably recover since it has the actual support of some banks
US better fucking solve this shit of SVB
“Hey guys we borrowed some money to cover the borrowed money so no problem! Problem solved!”
Hopefully. Let’s see on Monday.
Usdc is getting pegged alright.
Stablecoin returning to being…………stable.
Give them few days and it will be fine.
The Democratic party wants any bank that does business with crypto exchanges to fail. So SVB will not be saved. Circle is screwed because a $250,000 payment from the FDIC, just does not cover a $3.3 billion loss.
and.. it slowly depegs now! some bounces here and there till tomorrow, Monday
Yes like that, nice and slowly… wait I think I misunderstood
Peg US$ (or any fiat) with peoples trust and see how fast it goes down the drain.
Kinda knew thi was coming tbh, after binance announced adding usdc pairs and all but it was too much if a risk yo lose 100% for a 15% profit
Kuddo’s to those who bought the dip. Condolences to those who panic sold.