According to Ai 姨 (@ai_9684xtpa), a whale collateralized $117 million worth of WETH and borrowed 68.13 million DAI, which is 58% of the collateral's value, causing a near liquidation scenario. This is due to MakerDAO's 'minimum collateralization ratio,' a core risk management mechanism designed to ensure system solvency and prevent bad debts from under-collateralization.

According to Balaji, USDC was launched on October 23, 2018, with the key feature of being 'fully collateralized by USD,' which differentiated it from USDT at the time. However, current data from Coinmarketcap shows USDC's market cap is $0, raising significant concerns about its trading viability and underlying collateralization status.