Case study: USDC depeg (March 2023)

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The concept In March 2023, USDC — widely regarded, per Lesson 1.2, as the most transparently reserved major fiat-backed stablecoin — briefly traded as low as roughly $0.87, a genuinely structural depeg (per the Lesson 5.1 framework) rather than a transient liquidity wobble, triggered by reserve risk: a portion of Circle's cash reserves, reported at roughly $3.3 billion, was held……

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