The Economic Committee has been monitoring closely the movements with USDC in the wake of the failure of the Silicon Valley Bank today. In the interests of prudence, the EC has reduced the minting limit for USDC to the current level of outstanding IST. The USDC mint limits are now set at 1 million IST for USDC_Axelar and 1 million IST for USDC_Gravity. IST is still available for minting. The Economic Committee will continue to monitor any changes in the market.
Good call! It’s been an interesting stress test for IST, don’t think anyone predicted any of this.
Keep up the good work.