USDC investor shells out $2M to receive $0.05 USDT trying to evade crash

Soon after Circle revealed that

Soon after Circle confirmed that $3.3 billion was stuck with Silicon Valley Bank, a resultant sell-off of USDC caused the stablecoin’s value to drop below its $1 peg.

1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.

— Circle (@circle) March 11, 2023

At the time of writing, USDC has lost over 10% of its value and trades at $0.8774.