Stablecoins are also unstable! Silicon Valley Bank is in trouble. Circle, the US dollar stablecoin issuer, disclosed that Silicon Valley Bank is one of its six bank partners and is responsible for jointly managing about 25% of USDC cash reserves. This is the rhythm of cryptocurrency and traditional finance suffering together!
USDC has a volume of more than 300 billion. If there is a 25% funding gap, it will be 80 billion! If these 80 billion become bad debts, USDC will basically be doomed! After this thunder explodes in the currency circle, it’s time to bottom out! #crypto2023 #Binance
USDC has a volume of more than 300 billion. If there is a 25% funding gap, it will be 80 billion! If these 80 billion become bad debts, USDC will basically be doomed! After this thunder explodes in the currency circle, it’s time to bottom out! #crypto2023 #Binance
