Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is produced and distributed by CoinDes.

What's been on, guys? It is Thursday, March 16th, and today we are checking in on the

Circle USC dimension of the recent banking crisis. Before we get into that, however, if you are

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All right, friends, well, today we are going to discuss the delicious irony of why, despite all

the teeth gnashing of politicians, it wasn't stable coins that disrupted the regulated

financial system, but the regulated financial

system that disrupted a stable coin. First, though, I want to do a few follow-ups from things we've

discussed over the last few days. Yesterday, we talked about Credit Suisse. You'll remember that markets

were freaking out about it and pricing in a huge chance of default after their biggest

investors said absolutely not to further investment. As we discussed, despite the fact that its

problems were quite different than Silicon Valley banks, having another bank imperiled so close to

last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as

40% and has seen major drops in their default swaps. The big update is that they were able to

open up a 50 billion franc credit line with the Swiss National Bank, which is about $54 billion U.S.

They also announced plans to purchase some senior debt to the tune of about $3 billion.

So, seems like the European banking crisis is over, right? Well, enough so that the ECB

hiked rates by 50 basis points today, and I guess we'll have to see how that plays out

over the next few days. Meanwhile, back in the U.S., all eyes have been on First Republic.

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