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... what? by circle's own claims, [$3.3 billion of the ~$40 billion of USDC reserves remain at SVB](https://twitter.com/circle/status/1634391505988206592). 3.3 / 40 < 10%. but it's at .88 now. (and i think it's 43b total).

i missed out on at least m1k lol

@jacksonpolack It's probably oversold, but people are worried about contagion. (More banks failing, something going wrong with USDC itself, etc.)

One question I don't know the answer to is if Circle is/will be honoring redemptions at $1 right now. Either way seems concerning tbh.

but contagion shouldn't affect circle more than anything else. plus, part of that ~7% will (i think) be returned now that the FDIC has it

coinbase isn't honoring redemptions in their app, but claims they'll resume on monday

@jacksonpolack I agree tbh. But everyone is spooked right now. (Including me: I'm not buying at these prices. )

boutta

Damn, this responded quickly I'm impressed.