The price on the "secondary market" dropped below 90 cents on the dollar. Circle before and after the SVB crisis (which happened during a friday night and thro

The price on the "secondary market" dropped below 90 cents on the dollar. Circle before and after the SVB crisis (which happened during a friday night and through the weekend) continued to issue/redeem their tokens at par with the dollar. It is market sentiment which temporarily devalued USDC. You would have obtained exactly the same thing if US dollars held in SVB bank accounts were denominated in a virtual currency named "USD-SVB" and a 24/7 blockchain operating the transactions. Before/After the crisis each USD-SVB would be reedemable for $1 but DURING the crisis I bet you my house those USD-SVB would have fallen like a rock on the dollar. I know it's good to be anti-crypto on HN but please, try to not completely close your mind to the subject