0 sats \ 1 reply \ @faithandcredit 11 Mar 2023 \ parent \ on: Stablecoin USDC just depegged. 0.93 usd now. edit: 0.91 bitcoin
I think circle will survive? They are "only" going to lose about $3B but they could also lose nothing if the bailin and outs start happening
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1 sat \ 0 replies \ @sandbeach123 OP 11 Mar 2023
IMHO considering that some of their funds are frozen/lost at SVB, If everyone tries to redeem USD by sending USDC to them, they might default, and that could send the stablecoin to the very bottom. Or as you say, it may just punish the price a bit, but the trust in Circle would plummet. Very strange what coinbase did indeed.
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