Anyone paying attention to crypto has seen that USDC de-pegged and is trading below $1 today.
It got as far down as .87 cents and is bouncing around in the .90s since with .95 being the price as I type this.
So obviously the first thing the investor/gambler in me was thinking is should I flip USDT into USDC betting that it will return to the peg.
At the time, the exchange I was looking to swap it on had USDC at .915 per every 1 USDT.
So, why not...seems like an easy 8.5% trade
Given the fact it looks as if $3.3 billion is all that tied up with with SVB given Circle's announcement which is roughly 8% of total reserves so seems like a decent idea. And this assumes Circle recovers none of those funds which is highly unlikely.
Anyway, I took a shot with some USDT, nothing crazy but enough to make a profit that makes it worth the effort.
