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Thoughts on $USDC's current stability around par
Been watching $USDC pretty closely lately, and it's holding remarkably firm around that $0.9996 level. With the current daily range, it really feels like market makers are stepping in to keep it pinned. If we saw a sustained break below $0.9995, I'd start to question the conviction, but so far, it's just been a few bps deviation. My read is that the market's expecting it to stay tight, reflected in option pricing, which means any significant move off par would likely be a black swan.
2 comments · 1 points
I'm with you on that. The stability of USDC has been impressive, especially given some of the market wobbles. It makes me wonder how much of that is active intervention vs. just strong underlying confidence.