Posts about $USDC
USDC / Circle has confirmed that they have exposure to Silicon Valley Bank which failed yesterday. Their exposure is disclosed at $3.3 Bn
As a result, USDC has currently depegged and is trading at 90c to a dollar. Circle have suspended USDC USD conversions, as per their latest statement.
Articles:
Use this megathread to discuss this event. All threads on this topic will be removed and directed to this megathread.
Updates:
Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank.
https://twitter.com/jerallaire/status/1635114973830725633?s=20
Updates:
Update on the situation from Jeremy Allaire of Circle: https://twitter.com/jerallaire/status/1634649346535833601?s=20
FDIC page on SVB: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html
The full list of banks that held $9.88 billion cash for Circle’s USDC
Silvergate BankSilicon Valley BankSignature Bank (shares have dropped 12% probably next)
New York Community Bank
Customers Bank
Citizens Trust Bank
Bank of New York Mellon
Circle said it had cut ties with Silvergate Bank and will voluntarily liquidate its assets, and didn't mention Silicon Valley Bank and Signature Bank yet.
Do you think there is an operation ongoing against Circle while the SEC is questioning stablecoins?
USDC depegged on Friday due to Fear, Uncertainty and Doubt (FUD) concerning circle and the USDC cash reserves it held in Silicon Valley Bank.
USDC dropped to a low of $0.87 on some exchanges, brave investors confident in USDC and Circle bought the dip of a stable coin that had depegged hoping to gain and easy 13% profit.
After Circle announced that it would cover any funds lost with corporate reserves the peg of USDC started going back up as more people bought.
https://i.redd.it/mzeniz46e6na1.pngUSDC is currently at $0.98 so you still have a chance to make a 2% in profit (not financial advice)
Edit: It's now at $0.97 (again not financial advice)
Edit-2: It's now at $0.9664 (abandon all hope)
Edit-3: shit it fell to $0.956 (maybe this wasn't the best idea)
Edit-4: Two consecutive candles at $0.954 (seems we found a new support level, all TA points towards an upward trajectory from here)
I am absolutely beside myself with worry. I have about $20k in USDC on my Coinbase and there is a family emergency in progress and long story short, I REALLY need that money. I feel physically sick thinking about what might happen next.
I wasn't paying attention to the news at all and just noticed what was up an hour ago when I tried to sell my USDC to cash out.
Is this going to be another Luna episode or am I over reacting? This literally could not have come at a worse time as far as I'm concerned.
Also, what time do the markets open tomorrow? I want to just jump in and take this out straight away.
Thank you for any advice.
Update: A big thank you to r/irockalltherocks for telling me to use the Advanced Trade functionality to sell my USDC. I was able to convert to Euros and have learned an extremely valuable lesson here today. Honestly I'm still shaking, thank you everyone for all your advice.