This is due to GUSD selling at a discount. Flight to safety
Discussion
Dang
wow and USDC went as low as .87 in the last 24 hrs.
It's breaking down and the trad-fi markets are closed all weekend so they can't buy treasuries right now to back it up. Their only other recourse right now is to start burning coins like crazy to take them out of circulation.
Can this be arbitraged?