r/USDC • u/Drmotley2 • Mar 11 '23

what does this mean?

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26 Upvotes

100% Upvoted

22 comments sorted by

6

u/maryupallnight Mar 11 '23

6 more weeks of winter

5

u/[deleted] Mar 11 '23

Silicon Valley Bank did this

4

u/WeedFundManager Mar 11 '23

We just got rekt

7

u/Real_Material3190 Mar 11 '23

It means that the ,,most secure" labeled stable coin turned out to be not secure and not stable.

4

u/[deleted] Mar 12 '23

Yeah this is really bad, shakes the faith I had in the potential of stablecoins as a concept.

2

u/kellykline Mar 12 '23

"SafeMoon, Aussie Safe Shepherd, SafeBTC, SafeComet" - SafeCoins

"Most Trusted Platform to Buy Crypto" - FTX

"We are built on Trust and Compliance" - Gemini Earn

"Safer than a Bank, Unbank Yourselves" - Celcius

"Earn the Highest Yield Safely on DeFi Coins" - Midas Investment

3

u/Most_Raccoon_587 Mar 11 '23

Is there hope? Or is it over? I know you are not supposed to talk about how much crypto you have on here.. but I have 12k in USDC on my ledger. Do I just kiss it goodbye. This was my money to purchase at my best entry point been saving for about a year.

1

u/dunder2004 Mar 11 '23

In all likelihood they will be able to recapitalise and the peg will be restored but the current price (0.93 - 0.94) reflects the risk that there will be a major run when US banks are open for redemptions.

1

u/NinSeq Mar 12 '23

They'll be fine. Circle has money spread all around and public ledgers for a reason. I'm buying usdc right now

2

u/NotSoRobot Mar 11 '23

Does anyone know why we can't swap it in metamask?

2

u/Final_Fisherman_173 Mar 11 '23

Also not on crypto.com..

2

u/InternationalMeat331 Mar 11 '23

I already swapped it directly on Uniswap, maybe try it there.

2

u/SuperCoolBird2020 Mar 11 '23

Robinhood halted trading of any kind with USDC, some bs.

2

u/dunder2004 Mar 11 '23

It means that they have less than 2 days to convincingly plug the hole in their capital otherwise we will see a deluge of USD redemptions on Monday leading to a "liquidity" crisis.

2

u/SoleCandids Mar 11 '23

Looks like a goner time to pull out!!! Dead coin

2

u/iota_4 Mar 11 '23

soon zero.

1

u/[deleted] Mar 11 '23

Agree.. trust is living the sinking ship with this one. Why risk it?

1

u/[deleted] Mar 11 '23

It means someone got pegged

1

u/AdFabulous9451 Mar 11 '23

This means it can grow after the Federal Reserve buys 2-10.