So quick tangent: the subreddit's subscriber count really began to pick up at the end of 2020 to the end of 2021. Maybe 80% of the reader count we have now joined back then.

https://imgur.com/a/0QGz7lh

I remember the day when tether lost its peg nearly 5 years ago. They still recovered... This is not financial advice, but whether or not we can and will see USDC recover, well that's a different story. I sincerely hope they do recover because they seems to have a more "legit" business story and background than tether.

EDIT：Coinbase has suspended USDC converatibility to USD: https://twitter.com/coinbase/status/1634399032767307776?s=46&t=ndTL4Q7evm-vuNA-KeGTtQ

It amazes me how many people have shown up in this thread that just say "oH bUt UsT wAs A sTaBlEcOiN aNd It WeNt To ZeRo." without understanding backing by assets. USDC is -supposedly- pegged 1 to 1 on the USD. Tether is backed by a mix of cash reserves (at 70% of market cap) and paper investments.

EDIT 2: Binance has temporarily stopped USDC to BUSD auto-conversions for the time being - https://twitter.com/binance/status/1634361554543030273?s=46

NOT FINANCIAL ADVICE:

My own opinion is that this might be resolved in a week or two (DO NOT TRADE BASED ON THIS ADVICE). Somehow this reminds me of the "bitcoin inflation bug" early on in like 2010 that required coordination from multiple parties to create a rollback to a safer block state and a patch to fix: https://decrypt.co/39750/184-billion-bitcoin-anonymous-creator

EDIT 3: /u/me-you-and-nothing has pointed out that in the beginning there were times USDC broke its peg in a positive trend (greater than 1 USD per USDC) if you go far enough back on its chart on Coingecko / CMC - https://www.coingecko.com/en/coins/usd-coin