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Leaked FDIC document obtained by Bloomberg shows that stable coin Circle USDC had $3.3 BILLION deposited at Silicon Valley Bank when it collapsed 👀

The US government used tax payer money to backstop these deposits 😮

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Discussion

node 2y ago

Government cartel 🤦🏻‍♂️

Cpt. Charisma 2y ago

This could become a serious problem. Bank fails -> stable coin issuers liquidate treasuries to cover losses -> treasuries fall -> more banks fail -> etc. The only solution is to print more dollars.