Over 1 Billion less "DAI" per USDC

Since the 0% withdrawal fee was approved, more than 1 billion USDC have been withdrawn from the PSM, returning more than 1 billion DAI to the system.

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Personally this has me optimistic that we will no longer be labelled as a USDC Proxy coin.

Note: This has nothing more to report, I do not recommend investment or anything of the sort.

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A bit weird of a comparison since the withdrawal fee was already 0% for a long time. The fee was for people adding USDC to the PSM.

Outflow of USDC has to do with recent minting from volatile assets (something like 1b dai), mostly from WBTC, where two largest vaults, Nexo and Celsius sell minted dai for USDC or USDT. Celsius is even using PSM directly to acquire USDC, which is not surprising given that 3Pool on Curve, which has been the dominant and most important pool in terms of stablecoin price determination for quite some time now, has dai with a discount compare to USDC or USDT. Bascially dai is currently trading with a discount compared to USDC and USDT on the largest market, thus, PSM is the prefered vanue.

This can change due to differnet things. Either supply of USDC, USDT increases in the AMM pools, or dai supply from volatile assets decreases.

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