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An Update on USDC and Silicon Valley Bank.
https://www.circle.com/blog/an-update-on-usdc-and-silicon-valley-bank
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Many #DeFi protocols have huge exposure to $USDC. The game can become nasty!
Silicon Valley Bank just had an epic failure.
Will contagion spread across the financial network? $USDC has started to depeg and currently it is trading below $0.90.
Roughly 87% of Silicon Valley Bank's deposits were uninsured as of December 2022. 😂
Silicon Valley Bank had about $209 billion in total assets and about $175.4 billion in total deposits, as of Dec. 31, 2022. Dump the banks.
Banks are going bankrupt. Be your own bank. #DeFi
The seizure of SVB's assets marks the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
Have some stables this time! Let the market fall. 😂