Post mortem — USDC depegging effect on Gearbox lending
Overview Over the weekend 10–12 March 2023, the DeFi ecosystem faced an unprecedented stress test as centralized major stablecoin USDC faced extreme pressure: Circle, the issuer of USDC, had a whopping $3.3 billion deposited with SVB, which represents around 7.5% of the total USDC market cap. As the market scrambled to…
Post mortem — USDC depegging effect on Gearbox lending Overview Over the weekend 10–12 March 2023, the DeFi ecosystem faced an unprecedented stress test as centralized major stablecoin USDC faced extreme pressure: Circle, the issuer of USDC, had a whopping $3.3 billion deposited with SVB, which represents around 7.5% of the total USDC market cap. As the market scrambled to… blockchain
Post mortem — USDC depegging effect Gearbox lending Overview weekend 10–12 March 2023 DeFi ecosystem faced unprecedented stress test centralized major stablecoin USDC faced extreme pressure Circle issuer USDC whopping 33 billion deposited SVB represents around 75 total USDC market cap market scrambled to… blockchain