Circle / USDC was clearly & unambiguously ‘bailed out’ by deep pockets (Blackrock) over the weekend, which means it’s considered too important to fail.

I know this shouldn’t come as any surprise…but there’s something in this that really disturbs me, since 90%+ of our banking system is not considered too important to fail.

Clearly banks are no longer relevant, and the digital components of the coming CBDC are being defended, despite failing before they get off the ground.