Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure

While that is a dumb take. Liz Warren did her best to incite the run at Silvergate as part of her crypto bad campaign (in concert with SEC, Treasury, Biden admin, Fed). Silvergate had, you guessed it, duration mismatched bond portfolio backing deposits leading to liquidity crunch after FTx blow up withdrawals and deposits drying up. She put heat on the Federal Home Loan Bank via a public letter who had extended liquidity to Silverbank and then subsequently rescinded it after Warren letter sealing their fate. She wrote a tweet to gloat about it when they announced they would wind down without any depositor losses. Next day there was a run on SVB due to the same failure of fractional reserve banking they exposed at Silvergate, rugging financing for a big swath of the tech industry which also happens to be a big D voting bloc.

/r/finance Thread Parent Link - slatereport.com