Are banks the real risk to fiat-backed stablecoins?
While numerous jurisdictions have sought legal actions against Kwon, the entrepreneur continues to reside in a safe haven unknown to the authorities.Many investors foresaw the possibility of USDC depegging and decided to sell their holdings to avoid losses. However, for one such investor, a hasty decision led to a loss of over $2 million.
With USDC insolvency fears rampant, users are fleeing to safety in other stables. Not all of them are going to make it there in one piece, however.
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