Trending Assets
Top investors this month
Trending Assets
Top investors this month
Sold All of My $USDC on Voyager
TLDR: This comment on Reddit pretty much sums it up:

Post media

With the Celsius withdrawal suspension and collapse of 3AC, I decided to sell all of my $USDC on Voyager.

There is speculation floating around that Voyager may have been affected by 3AC's insolvency. On Friday, Voyager announced that it had taken out a $200 million and 15,000 $BTC non-binding revolving line of credit from Alameda Research, a crypto trading firm backed by FTX. I'm glad they announced this, but will they also announce if/when they tap into the LOC?

Right now, there are too many uncertainties at play for me to confidently store my crypto on a brokerage that is in an industry dealing with a liquidity crisis. I've converted my USDC to USD and am in the process of depositing it back into my bank account. I plan on reinvesting my USDC once/if the storm clears to whoever is offering the most APY. Voyager currently pays 9% for balances below $25,000, 7% for the next 25K to 100K, and then 6% for anything above that. These interest rates change every month, and I would guess that the rates will be reduced come July 1.


Post media

I'll be sad for my US dollars to only make 1.4% APY on E*TRADE, but protecting capital in times of uncertainty should be a top priority.

On a side note, I just found out that FTX pays 8% APY on FDIC-insured US dollars. I plan on transferring $$ into it in the near-future.

Related
Already have an account?