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You can buy 1 USDC for $0.9 and change it for $1 on Monday. USDC bankrun coming
- m348e912 4y ago3:00pm ET Update: In a reversal of what Janet Yellen said just hours ago, WaPo reports that federal authorities are "seriously considering safeguarding all uninsured deposits at Silicon Valley Bank" - and by extension any other bank on the verge of failure - and are weighing an extraordinary intervention to prevent what they fear would be a panic in the U.S. financial system. Translation: bailout of all depositors, not just those guaranteed by the the FDIC (<$250K). Buying USDC might be a good investment with a quick 10% return
- Scandiravian 4y agoWhat's the ELI5 of how this is supposed to work?
- wmf 4y agoCircle and Coinbase will redeem 1 USDC for $1 during banking hours but not on weekends. Due to fallout from the SVB panic, you could have bought 1 USDC on various markets yesterday for $0.90 and sold it for $1.00 on Monday.
- gus_massa 4y agoThere is a small risk that they can't pay the promised $1.00 on Monday. (I don't expect problems, but I don't own USDC and I only skimmed the news.)
- 14 4y agoI am a customer of NDAX and they suspended trading for BTC/USDC. Guess they figured it out.
- wiml 4y agoWhat did they figure out? It's not clear to me that there's anything bad about people taking advantage of this arbitrage opportunity.
- wmf 4y agoThis tweet is old and the arbitrage opportunity has passed.
- throwaay234234 4y agoTime to buy was friday