An Update on USDC and Silicon Valley Bank
I’m not very knowledgeable on this topic, so I have a legit question about all of this:<p>How is pausing withdrawals not blatant currency manipulation? If I had USDC and lost all faith in it yesterday, shouldn’t I be allowed to cash out today?<p>Also, if they’ve got many billions in cash, why would losing access to a sliver of it justify shutting down withdrawals?<p>“Trust us, it’s worth a dollar! Or don’t trust us! It doesn’t matter because you don’t have any choice but to hold USDC until we deem it advantageous to us to allow you to exchange them for real money!”