ST Alpha - "heh, there's some speculation that one or more Stablecoins have their reserves tied up in SVB. -- nm" (Reading a Post)

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Posts: 151

heh, there's some speculation that one or more Stablecoins have their reserves tied up in SVB. -- nm

Posted by Beryllium (aka grayman) Mar 10 '23, 13:19

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Responses:

B2! -- nm - Mop Mar 10, 14:09
Oof. They just issued their annual report *2 weeks ago* with a clean audit opinion. - spamlet Mar 10, 13:29 9
- I'll be interested in knowing what caused the failure (will take some time for all the facts to gather) -- (edited) - ty97 Mar 10, 13:31 5
  - Bloomberg article said they had half their money in low interest treasury bonds, as money was pulled out they had to sell at loss to cover -- nm - zeitgeist Mar 10, 13:44 1
    - I can't remember if it was 91 billion or 91% ... -- nm - Beryllium Mar 10, 13:57
  - Peter Thiel better hope he had an ironclad reason for telling everyone to take their money out! -- nm - hollywood big shot Mar 10, 13:39
  - Doesn’t matter. That partner gonna go through the wringer. - spamlet Mar 10, 13:34 1
    - oh no doubt. My post was more tangential than anything. - ty97 Mar 10, 13:35
- SVB issued a clean audit? or the coins? -- nm - JD Mar 10, 13:30 1
  - SVB -- nm - spamlet Mar 10, 13:33
- It probably wouldn't have gone this way if they hadn't fumbled their messaging earlier this week -- nm - Beryllium Mar 10, 13:30
so many Bay Area tech lawyers loving their world going to absolute shit on a rainy friday afternoon -- nm - hollywood big shot Mar 10, 13:25 2
- Though those who are working for independent firms are just picturing their billable hours exponentially going up - JD Mar 10, 13:29 1
  - the sense i get is FDIC shutting the doors will have everyone scrambling 24/7 over the weekend dealing with the fallout and scrounging up alternate - hollywood big shot Mar 10, 13:42
That would be among the least shocking things I read today. - spamlet Mar 10, 13:22

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