The last year has been so insane, do you guys remember the USDC and DAI depeg?

It happens earlier this year but i'm sure a lot of us forgot part of it already.

• It started with the failure of three US banks — Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank .

• USDC depegged by 13% below $1 after it Circle, confirmed that $3.3 billion of cash reserves backing USDC were held at SVB. Do you remember the panic when Coinbase paused conversions between USDC and fiat US dollars? Lol good time.

• Both stablecoins recovered to their peg levels because of....... PAPA POW, yes, the Federal Reserve confirmed that it would support the banks’ creditors.

• Who was the winner here? USDT. Its value even increased slightly above $1 as market participants rotated out of the affected stablecoins.

It's easy to forget the stress a lot of people when through, but it wasn't too long after the UST trauma, look at this chart. Imagine march 10 in the evening with a ** load of DAI. Quite stressful.

https://preview.redd.it/8ngiweonqetb1.png?width=6634&format=png&auto=webp&s=a2deb325a40b32faa1287a5f38754e2fa002ef68