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

Links
https://www.coingecko.com/en/coins/usd-coin
https://www.nytimes.com/2023/03/11/business/dealbook/silicon-valley-bank-collapse.html
https://www.bloomberg.com/news/articles/2023-03-11/svb-depositors-investors-tried-to-pull-42-billion-on-thursday?leadSource=uverify%20wall
https://twitter.com/Cointelegraph/status/1634254701838360577?s=20
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
https://twitter.com/technologypoet/status/1634370623488098304
https://twitter.com/circle/status/1634341007306248199
https://twitter.com/circle/status/1634391505988206592
https://twitter.com/coinbase/status/1634399032767307776
https://twitter.com/CramerTracker/status/1634237672997699602
https://twitter.com/unusual_whales/status/1634555021487480834
https://twitter.com/RasterlyRock/status/1634346947908890624
https://twitter.com/AviFelman/status/1634329727107321860
https://twitter.com/ZeMariaMacedo/status/1634377862978338817
https://twitter.com/BowTiedPickle/status/1634415551450587138
https://twitter.com/AutismCapital/status/1634460460123836417
https://twitter.com/AP_Abacus/status/1634548164173651973
https://www.marketwatch.com/story/the-10-banks-that-may-face-trouble-in-the-wake-of-the-svb-financial-group-debacle-50d6e49e
https://twitter.com/elonmusk/status/1634374859043270678
https://twitter.com/TheRyanLion/status/1634330599036002305
https://twitter.com/TeamKujira/status/1634539611253796870
https://twitter.com/sunnya97/status/1634365680244981760

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