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Where would these real USD come from if USDT is worthless? Why would a holder of USDC or DAI accept USDT in return if USDT is worthless?

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Yeah, if you move fictional dollars in the form of USDT to USDC then you are just shifting the imaginary amount around, it doesn't change the fact $61B is rendered worthless.

And that’s actually been happening. For week’s usdc’s biggest trading pair has been usdt. So some people are dumping usdt on usdc holders at 1:1 ratios.

Why anyone holding usdc would exchange one for a usdt at par is a question I don’t have an answer to, but it’s happening en masse.

"Why anyone holding usdc would exchange one for a usdt..."

One possible explanation is that you have more pairs available for other cryptos with USDT than with USDC on some exchanges

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