We all witnessed the success of Circle's listing this year, but who remembers that just two years ago, it experienced a significant depeg, with USDC once depegging to 0.87 USD. At that time, Circle had 3.3 billion USD in reserves stored at SVB (Silicon Valley Bank), which encountered a financial crisis on March 8, with its stock price plummeting 60% that day, triggering a chain panic among Silicon Valley startups and institutional investors. In the next 48 hours, investors in SVB faced a series of blows with circuit breakers, halts, and regulatory takeovers, ultimately leading to the bank's closure on March 10. This caused Circle to face misfortune as well, with USDC following suit and depegging.

However, investors holding SVB stocks could only watch helplessly as the market value in their accounts evaporated every night. Those who reacted quickly might sell at a loss on Thursday morning, while those who were slow were forced to go to zero. In contrast, holders of $USDC were completely different; during the weekend when SVB shut down, people in web3 were frantically arbitraging through platforms like AAVE and Curve. For example, one wallet address successfully made 16.5 million dollars during this period by exchanging USDT for USDC/DAI at price differences. Oh right, it was Sun Ge's wallet.