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A comment on Bitcoin’s reliance on stablecoins harks back to the Wild West of finance. Parent comment

Re:Bitcoin’s reliance on stablecoins harks back to the Wild ... by fyzix on Saturday June 05, 2021 @05:28AM (#27403539)
Dai is 60% backed by USDC
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Re:Bitcoin’s reliance on stablecoins harks back to the Wild ... by letier on Saturday June 05, 2021 @06:06AM (#27403692)
This suggests only 5% being backed by usdc: https://daistats.com/#/collateral
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Re:Bitcoin’s reliance on stablecoins harks back to the Wild ... by cdiddy2 on Saturday June 05, 2021 @09:13AM (#27404699)
The last section, "Dai from PSM-USDC-A", is also USDC in the peg stability module.
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Re:Bitcoin’s reliance on stablecoins harks back to the Wild ... by letier on Saturday June 05, 2021 @04:37PM (#27408281)
Technically still not 60%, but thank you for pointing this out! I was not aware of this.

If i interpret this correctly, this could lead to a very high spike in interest for dai lenders on other collateral currencies, in case the usdc collateral goes bad.

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