USDC got rid of the dollar!
USDC got rid of the dollar!
Amid the news that – USDC Issuer Circle kept an undisclosed portion of its cash reserves of up to $9,880,000,000 in bankrupt bank SVB (exactly how much is unknown, but it doesn’t matter)
– 80% of the reserves are in US Treasuries (BNY Mellon)
– 20% is held by other banks including Citizen Bank, SVB, Silvergate and others.
According to the latest information, Binance and Coindesk have stopped USDC conversion. To my personal happiness, I did not keep funds in this stable, somehow I trust the good old grandfather of USDT more, but if I had USDC, I would think now how and into what it is better to transfer it …
