For anyone worried!

https://www.youtube.com/watch?app=desktop&v=BX0AkD4jp64

current play;

1: usdc at 2% discount to parity
2: buy USDC on bybit or on dexes (curve.fi)
3: send to coinbase
4: redeem 1:1 USD
5: USDC has inflow of redemptions

(repeat)

this one can be checked as well: https://twitter.com/sergitosergito/status/1634377940464025607

GSR Markets has been doing this for the last 2-3 hours, depositing 90 million clips (to be redeemed for 1:1 on Coinbase).

So far, they have done this with 250 million in the last 3 hours

couple of market-makers and funds doing this from the last few hours..

it works until it doesn't..

Musk: Open to Twitter's acquisition of Silicon Valley Bank

link: https://twitter.com/minliangtan/status/1634371553059119104

Coinbase redeemed at least 1.78 billion USDC in last 24hrs (slow-down)

https://twitter.com/circle/status/1634391505988206592
Circle: $3.3 Billion in Silicon Valley Bank

The arbitrage opportunity is currently shifting from one pair to another,

in shot below where the swap was made from USDT to DAI resulting in a gain of +33,063.63 after the swap..

few market-makers/funds plying it..
worth monitoring the gap > shot.

USDC Falls Below 95 Cents

https://twitter.com/coinbase/status/1634399032767307776
Coinbase: USDC-USD conversion service temporarily closed

Stable coins Landscape outlook (updated)

Correlation between stable pairs can be scanned for arb opportunities there..

XXX/USDC/USDT/ APY across the board..filtered for highest to lowest

Smart money keeps making money while people are fudding.

Not only Circle, but also many crypto funds had exposure to SBV Bank,

such as Pantera Capital. will send the complete list after filtering..

Justin Sun Just transferred 49,299,736.51 DAI ($49,299,736.51) to 0x9f84...f752e.

The current value is $46.83 million because the value of DAI has gone down. If the value of DAI moves back up to near $1, he could make a $4 million gain..

USDC, as a stablecoin, is backed by large companies, and its collapse risk is much lower than that of other stablecoins.

USDC as the leading stablecoin in the cryptocurrency space due to the fact that US-regulated banks hold its reserves and Blackrock custody a large portfolio of short-term treasuries. Although SVB's holding of $3.3 billion may not represent a total loss, it remains to be seen how Circle will manage the bank run.

To date, $2.46 billion worth of USDC has been burned, and Circle continues to operate as usual. However, Coinbase has temporarily suspended USDC redemptions for retail customers, as people started making some profits recently. Circle now has two days to restore investor confidence before the banks open on Monday.

Sharing these research findings is meant to help those who are interested in stablecoins or holding them. However, it's always important to do your own research (DYOR). If your source is Twitter, you can find both positive and negative threads and choose whichever one aligns with your perspective. Just keep in mind that there may be bias involved.

On Monday, we will have a clearer picture of how the market sentiment will ultimately affect USDC/crypto..