Over the weekend, before an FDIC settlement was announced, uninsured SVB deposits were reportedly trading between $0.75 and $0.90 among private sellers.

In other words, both USDC and uninsured SVB deposits had the same market response over the weekend. But every USDC holder had unfettered access, whereas only large SVB depositors were able to access the informal market of private sellers.

I want you to remember this interaction because by the end of the decade, there will be over $1 trillion of USD stablecoins in circulation (in today's dollars), and at least one of the five largest banks in America will run a major stablecoin product of some kind, such as their own stablecoin, redemptions for an existing coin, or consumer on/off-ramps to the crypto financial system.