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JumpCrisscross
on March 11, 2023
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An Update on USDC and Silicon Valley Bank
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USDC is backed 1 USDC for 1 USD
It’s at least 87¢ and 23¢ of priority unsecured claims on a bank in receivership.
chejazi
on March 11, 2023
[–]
I assume you're deriving the 23¢ from the 23% they have banked, but I would like to note that of that 23%, roughly a third (3.3bn of 9.7bn) was with SVB. The rest was with other banks not facing the same issue.
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It’s at least 87¢ and 23¢ of priority unsecured claims on a bank in receivership.