USDC issuer Circle anticipates a US debt default, which would collapse crypto through USDT

[Anonymous No.55016648]

>>54976957

https://www.coindesk.com/business/2023/05/17/usdc-issuer-circle-moves-87b-to-repo-agreements-to-protect-reserves-from-us-government-default/

Since USDC will no longer be exposed to a US debt default, the possible crypto collapse won't be quite as bad, but still massive. USDT is almost entirely (supposedly) backed by US treasuries, but if their backing isn't all real then they're going to have a hard time "switching" to another cash equivalent. Odds are they'll opt to simply keep claiming it's backed by treasuries and hope the debt default doesn't happen.

If it does happen (and Circle thinks it's likely enough to be worth the time and money to completely shift their reserves) then we're looking at the collapse of Tether, and we all know how that ends.

Also, even if the default doesn't actually happen, if it gets close to the date and people get spooked whatsoever you'll see massive sales of USDT for USDC, and this could very well tank USDT for the time being.

[Anonymous No.55016670]

>>55016648
Unfathomably based. USDC will eventually be a CBDC. Screencap this.

[Anonymous No.55016671]

based burn it all down

[Anonymous No.55016676]

That is an aad. Somebody paid for that ad

[Anonymous No.55016679]

It's the Tether fud again.
>we're so back

[Anonymous No.55016681]

>>55016648
based so USDC is going to moon

[Anonymous No.55016688]

>>55016648
I trust this little nigga like you wouldn't believe

[Anonymous No.55016695]

>>55016679
bobos are getting desperate. a lot of them were caught w their pants down trying to get in at 15k

[Anonymous No.55016720]

>>55016679
>>55016695
i can't fucking wait until bulls get utterly btfo'd

[Anonymous No.55016725]

>>55016688

[Anonymous No.55016763]

>>55016725
bald-lets are trustable. they always compensate the most and have the most to prove.

[Anonymous No.55016791]

>>55016648
>default
>any USD stable coin is "safe"
USDC seethe tether is still more popular and less vulnerable to USA ((regulators))

[Anonymous No.55016795]

>>55016648
As opposed to tether who is buying bitcoin to back their stablecoin. Time will tell what was the smarter play. For the newfags, circle is backed by Blackrock.
>>55016695
And how many were caught with their pants down buying 30k? Quit the bobo mumu bullshit for one thread please. This could be an interesting topic.

[Anonymous No.55016924]

Repos are secured loans backed by treasuries, sometimes very long duration. If the counterparty can’t pay you back for your overnight repurchase agreement because they got margin called on their treasury’s, you secure their collateral, which is more treasury’s.

Dumbest post I ever seen mom

[Anonymous No.55016940]

>>55016795
That sounds an awful lot like circular backing. The current value of the crypto market is heavily tied to Tether's continued success, so tying Tether's value to that same crypto market's value is a recipe for a death spiral in the event of a US debt default (or any spook for that matter).

[Anonymous No.55016955]

>>55016924
All finance is a Ponzi scheme, but there is probably no safer Ponzi scheme in existence than USD.

If USD itself collapses then the whole global economy does, and crypto will not be spared either.

[Anonymous No.55016963]

>>55016940
not really. If stable coins go awol, people in crypto that have not other option run into btc, or do you think people will long stable coins to short btc when stable coins crash

[Anonymous No.55016978]

I'm going to sell

[Anonymous No.55016985]

>>55016955
Depends. USD reserve is currently being bisected by a strong commodity backed RMB play, in my opinion, which could pan out in our lifetimes. In which case Bitcoin is just another entry on the global trade settlement FX list, which could compete with both.

[Anonymous No.55017013]

>>55016985
>could
it is competing with both. Chinks failed and US failed as well to keep the lid on it

[Anonymous No.55017032]

>>55017013
Very small %. Pivotal changes are happening, but slowly, from what I’ve heard. I still think it will happen relatively fast, but I would put my timeframe at about 10-15 years for 10-20% dominance of RMB and about a quarter of that for BTC/crypto

[Anonymous No.55017064]

>>55017032
They're just going to tie rmb to gold like by 2025 at the latest cope

[Anonymous No.55017076]

>>55017064
Which is targeting the Saudis which will add 3%-6% to its global settlement standing.

[Anonymous No.55017089]

>>55017032
Might happen faster then you think. Rmb and USD dont look good. US has played some retarded games to prop up their currency over '22

[Anonymous No.55017135]

>>55017089
Global reserve of USD has only dropped 12% over the past 15 years, 60% to 48%. You’re vastly overestimating the speed at which people move.

It is my pet theory that Bitcoin is the continuation of western banking. Corporate oligarchy owned by tech companies would obviously love a data backed currency, issued by the “superiority” of their data.

[Anonymous No.55017150]

>>55017135
Bitcoin is a fiat vehicle it's nothing by itself

[Anonymous No.55017332]

>>55016963
If USDT goes awol, people will jump ship to USDC.

[Anonymous No.55017368]

>>55017150
This. You could maybe argue ETH and related smart contract chains can act as decentralized compute currencies, but most decentralized apps are just more fiat vehicles...

[Anonymous No.55017428]

>>55016725
based. girls like long hair or no hair. they prefer extremes to pussies with half measures hairstyles

[Anonymous No.55017450]

>>55017089
>US has played some retarded games to prop up their currency over the past 30 years

fixed it for you. the calculation of inflation changed around the late 80s or early 90s. because of this we have had high actual inflation while official inflation has bern 2% a year for like 30 years

[Anonymous No.55017474]

Tether fud in 2023
This time is different guys!

[Anonymous No.55017495]

>>55016648
>load ze tether fud

[Anonymous No.55017568]

The USD won't fall due to it's own regulations, please get a grip on reality. It will collapse naturally by overwhelming crime and degeneracy, destroying any basis for revenue.