A strange occurrence in the aftermath of the flush out yesterday: EURC/USDC is trading at 1.143 but offchain FX markets price EUR/USD at 1.162 (some places quoting down to 1.158). Why, and which one is ‘right’? It's not so clear and actually a lot of uncertainty. One possibility: FX markets largely don’t trade on the weekend / after hours whereas EURC can be more easily traded anytime, so one possibility is that offchain prices are just stale and will follow EURC prices on Monday. I would ordinarily think this way, but the crypto flush out yesterday was a lot of turmoil that could still have lingering effects. Another possibility is that there is much less liquidity for EURC/USDC than EUR/USD with large frictions to sync in after hours. It could just be that EURC is heavily oversold by people who *had to sell yesterday* in the turmoil and when normal FX markets open on Monday, the greater liquidity will absorb it and find a different price.