> So 3 out of 7 Circle USDC bank partners failed in a week. It's almost as if when a company (Circle) had actual assets under management, it was very hard to f

> So 3 out of 7 Circle USDC bank partners failed in a week. It's almost as if when a company (Circle) had actual assets under management, it was very hard to find honest banks able to deal with actual billions without fucking it up and you're better served yourself. Like Circle which decided to put 80% of the USD it holds to back USDC in short term US treasuries: 80% not at banks, 80% not in long term investments... But 80% in the one most stable and safe asset of them all. And Circle got in trouble for the 20% in actual USD which they thought they could entrust to banks. Kudos to Circle if they get out of this fine because it certainly seems hard to do business with monkeys.