USDC collapses 13% in shadow of Silicon Valley Bank failure

USDC has depegged at one point going at low as 87c after the collapse of Silicon Valley Bank where they held $3.3B of their fiat reserves.

We’ll cover what happened and what comes next after another large stablecoin loses it’s peg.

$USDC

Timestamps

(0:00) - Introduction

(1:30) - USDC Depeg

(3:30) - Silicon Valley Bank Collapse

(8:20) - Impact of Silicon Valley Bank on High Tech and Startups

(9:10) - 0% fractional reserve rate

(13:40) - Circle holds reserve in Silicon Valley Bank

(16:00) - Ponzi scheme on top of ponzi schemes

(16:50) - Coinbase stops redemptions of USDC

(18:45) - Jim Cramer dooms SVB

(20:55) - Did SVB execs do insider trading?

(22:00) - Circle Treasuries reserves

(25:20) - Other bank holdings for fiat

(26:10) - Curve 3 pool was drained

(27:30) - $2M swapped for 5 cents

(28:35) - Lehman brothers and Silicon Valley Bank

(29:00) - Tinfoil hat time

(30:20) - Elon Musk buying Silicon Valley Bank?

(31:30) - A Decentralized economy needs decentralized money

(34:30) - Stripe Atlas has exposure to Silicon Valley Bank

(36:10) - Kujira DIY liquidation platform

(37:00) - Bitcoin was born in the shadow of the worst financial crisis

(37:40) - Why is crypto market up when USDC is down?

(40:10) - USK is not backed by USDC

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