'Worst time to swap $USDC': DoveyWan shares her optimism Circle $SVB
While millions of USD Coin holders started a"bank run" and swapped their stablecoins to alternatives , seasoned investor Dovey Wan is sure that the effects of the Silicon Valley Bank collapse on Circle might be exaggerated.Today, on March 11, 2023, Dovey Wan stated in a tweet that there is no need to panic-swap USD Coin to alternative stablecoins or take it from DeFi protocols. She asked vault operators and ordinary holders not to panic.
now it's the WORST time to unwind or swap USDC, USDC holders and Defi vault operator with USDC don't panic 1. the actual loss of Circle's 3.3B deposits will likely take ~25% haircut so <1B, which can be primarily covered by its 2022 income from $32.B short-term T-bill yield imoAs per her estimations, the losses Circle might bear are not fatal for the fintech heavyweight. Primarily, they would be covered by short-term U.S. treasuries that constitute the lion's share of the USDC backing basket.
On Monday, March 13, 2023, when banks are opened, the conversion operations between USD Coin and fiat U.S. Dollars will be resumed and its 1:1 peg will be effective again.It should be noted that by printing time, the USDC price has already recovered from its collapse to $0.85. The asset is trading at $0.91 on major spot exchange platforms.
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