USDC Traded Down to 88 Cents on the Dollar

I was quite surprised to see USDC trade all the way down to 88 cents. I think there were some weird dynamics over that weekend where banking rails weren't live, you know, you couldn't convert a USD into USDC one to one. There is a cohort of people who work at traditional financial institutions who work in compliance departments that were completely spooked by this. And we've had a couple of calls with these folks at the kind of major payment processors and some of the bulge brackets who won't touch it with a 10 foot pole now.

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