Data shows that at least $5 billion has flowed into USDT in the past few weeks, and its market capitalization has exceeded $77 billion so far.
Cluzeau said that we have seen a lot of USDC and DAI being traded into USDT, which keeps USDT liquid. Mitya Argunov, chief product officer at P2P.org, said that USDC’s systemic risk impacts the DAI stablecoin, further strengthening the argument that tether holds multiple assets to back its stablecoin.
Tether’s performance during the crisis was largely due to the fact that it had no direct exposure to SVB, it just had no deposits there. Other major stablecoins, such as DAI, were also indirectly exposed and unpegged, as they were actually mostly collateralized by USDC.