The Unwarranted Panic Around USDC

SIRGLE can Valley Bank had some duration mismatch issues. So they started dumping all their USDC in the places that make the most sense, which is Uniswap H3 and GURF. And so everyone wanted that USDT and that brought imbalance in the peg of USDC. But I think the panic around with the USDC was really unwarranted because even if they had lost USD$3 billion that were at SIRGLE Valley Bank, that's a fraction. The real value of the intrinsic value should have still been 99.5.6 cents or something like that.