Family calling last night, this morning, looking to get money out of crypto, off exchanges. IMO the gold standard stable coin depegging like that might do more damage to crypto adoption than FTX. Just catastrophic for perception. It will probably repeg for a while but how long before people trust it again?
Agreed. And the irony is thick. The fact that tradFi banks can fail should *push* people towards crypto. But when "stable" crypto assets are backed by dollars in tradfFi banks that can fail, it's hard to argue that stablecoins are better than FDIC-insured sub-250K deposits. Sigh.
I don’t think this news will have much of an impact on people who aren’t in crypto or tech circles, which is most people. Crypto adoption hasn’t and won’t come from those seeking stability
Yes, I agree with you 100%. When a major stablecoin like USDC is (temporarily) more than 10% under water, it's a huge loss of confidence.
Definitely more damaging than FTX since it's more of systemic problem
Most people don’t even know it’s depegged. I’m not that worried.