Circle just confirmed that they lost about $3.3B of their $40B reserves due to SVB.
1 usdc = $0.92
Discussion
Holy hell. Here we go.
Wow so that’s why USDC is doing this.
Untrue - currently at $0.9941 https://coinmarketcap.com/currencies/usd-coin/
Coinbase has historically always offered 1:1 conversion of usdc to dollars, on other exchanges it is floating as low as $0.96 today.
Re-reading I can see how my statement could be misleading.. don't mean to say that's where it's trading, mean to say that's what it's current backing is.
You might check your sources... #[3]
Checking now 🫡
on which exchange you want me to check it? #[4]
Any aggregator of x-exchange info? Would be curious to see how it's fairing across the big players globally
93 cents just now at https://coincap.io/assets/usd-coin
Good links, y'all 🙏What's causing the discrepancies between all these sources?
It's floating independently at each exchange, coinbase could be in real bad shape since they guarantee 1:1 conversion.. you can buy on an exchange that allows it to float, xfer to coinbase and take advantage of their guarantee....
Coinbase could be left with a bag of devalued usdc, but... they just paused swaps, so they may continue to display $1 since no trades between dollars and usdc are actually occurring.
Gonna be interesting.
Definitely gonna be interesting - thanks for sharing more details