DON'T PANIC. USDC WILL BE FINE.
11 Mar 2023, 17:43
DON’T PANIC. USDC WILL BE FINE.
In light of the recent fud around USDC we just wanted to reassure everyone that everything is fine on our end. For the record we are still above peg and actually higher above peg than we previously were. We need to keep USDEX at these levels for the time being in order to avoid the bots using USDEX to arbitrate for cheap USDC.
I still have full faith in USDC and believe it will be re-pegged as soon as the banks open on Monday. Only a small portion of their cash holdings were held in SVB and it’s still unclear how they are going to handle depositors. Not only that but they are also founded by Coinbase and I don’t see either of them failing anytime soon.
Just be patient and wait for it to recover. USDEX will follow it back up.