The proportion of stable currency in Curve 3Pool is seriously skewed, and the USDC USDT has dropped to 0.93
On March 11, it was reported that the proportion of USDT in the 3-pool of the stable currency exchange agreement Curve fell to 1.9%, leaving only 8.3 million, due to the influence of Circle’s announcement that it had $3.3 billion of reserves in the bankrupt bank Silicon Valley Bank. Users chose to exchange USDC and DAI (part of the collateral was USDC) for USDT. At present, the USDC/USDT has dropped to 0.93 in Curve exchange.
Interpretation of this information:
The message informs about the recent drop of the USDT proportion in the 3-pool of the stable currency exchange agreement Curve. This event was triggered by Circle’s announcement of having $3.3 billion reserves in the bankrupt Silicon Valley Bank, leading users to exchange USDT for other stablecoins such as USDC and DAI, causing the USDT proportion to fall to 1.9%. As a result, the exchange rate between USDC and USDT has dropped to 0.93.
Stablecoins are digital currencies that are pegged to an asset like gold, fiat currency, or other cryptocurrencies to maintain a stable price. USDT, USDC, and DAI are some of the popular stablecoins in the market. Curve is an exchange that allows users to trade or exchange stablecoins, enabling users to swap between different stablecoins with minimum price slippage.
The message suggests that Circle’s announcement might have caused panic among users, leading them to exchange their USDT holdings for USDC and DAI. This behavior is common during times of financial uncertainty, where people tend to switch to more stable assets. Furthermore, the low proportion of USDT in the 3-pool of Curve might indicate a lack of confidence in USDT, which might affect its value in the long run.
In conclusion, the message highlights the recent drop in the proportion of USDT in the 3-pool of Curve exchange due to Circle’s announcement. The event might have caused panic among users, leading them to exchange their USDT holdings for other stablecoins, resulting in a drop in the USDT proportion. This event might signify a lack of confidence in USDT, which could potentially affect its value in the future.
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