If you believe usdc will recover isn’t this free money? Where else can you buy usdc other than Coinbase?
A popular one is Uniswap, here is USDC: https://app.uniswap.org/#/tokens/ethereum/0xa0b86991c6218b36... (currently trading at 1.000 USD at Uniswap)
One can calculate the implied USDC/USDT rate from that very page by pricing a swap for 1 ETH or BTC for USDT vs same for USDC. The USDT quote is similar to CEXes for dollars, and the USDC is substantially higher, aka value of 1 USDC is well below 1, on Uniswap itself.
You’d have to have assets on chain to buy them on a dex.
USDC will repeg back to $1. If it rapidly falls below 0.8, the better buy in opportunity.
So the money I want to send from my bank to Kraken, will not arrive until Monday. By that time this whole thing could already be over and USDC could be back at a dollar per pop.
Well, probably it is for the best anyway. I will spend my fiat to buy more Bitcoin instead. It is cheap too, currently.
If I were to spend my fiat on underpriced USDC, there is no telling how long I would have to hold those USDC before the situation is resolved and USDC gets back to its $1 peg.