What even is a safe stablecoin at this point?

USDC printed a -1% candle an hour ago. It's possibly in trouble because because of it's cash reserves being held by silvergate & SVB.

USDT has been trading slightly above the peg today, probably because people are shifting to it from USDC. The crypto community in general is on the fence about USDT and rightly so, since only about half the tether is backed by USD, the rest is bonds, metals & other investments.

BUSD isn't safe with ongoing lawsuits & investigations into binance.

DAI: it's decentralised, but only backed by ETH, if ETH or the crypto market crashes, DAI could become under collateralised.

Rest of the stables have such low trading volumes that it won't take much to collapse them.

What are your thoughts, which stable are you guys holding while waiting for your buy targets?

EDIT:

What we feared has happened.

Silvergate & Silicon Valley Bank contagion is spreading.

Circle had a substantial amount of it's funds (~3 billion $) with SVB.

USDC is down to 90 cents

DAI, a decentralised coin which was supposed to backed by Ethereum. But it was also heavily backed by USDC, making it not so "decentralised". DAI is also down to 90 cents

BUSD also showing weakness. It's down to 99 cents.

TUSD also down to 99 cents.

The so called "decentralised" stablecoins that are collapsing:

MIM down to 92 cents

LUSD down to 98 cents

FRAX down to 92 cents

There's a lot more stables that are collapsing that I haven't mentioned here. Here's a complete list of stablecoins filtered on coingecko:

https://www.coingecko.com/en/categories/stablecoins

Nothing is looking good as of now. Only USDT is holding it's peg, but considering that tether only holds about half it's funds in USD fiat & the rest is in bonds, metals & investments, I won't trust it for too long. Even if it survives it's better to be safe than sorry. Who knows if it can survive a bank run.

Get out of stables, keep your funds safe.