USDC Boasted Transparency but It Didn't Help When Silicon Valley Bank Got Into Trouble
Markets Outlook
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The Irony of Paxos's $250,000 Limit on Deposit Insurance
Paxos keeps hundreds of millions worth of deposits with banks, but all of those deposits are insured. The FDIC announced that the $250,000 limit on insurance would be waived. All deposits held at Silicon Valley Bank would be extended a blanket guarantee. In moments, USDC rocketed back up to its $1 peg.
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