Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin's...
Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin’s creator Circle said about $3.3 billion, or more than 8% of over $40 billion USDC reserves, are held at Silicon Valley Bank, which collapsed on Friday.
Coinbase... Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin’s creator Circle said about $3.3 billion, or more than 8% of over $40 billion USDC reserves, are held at Silicon Valley Bank, which collapsed on Friday.
Coinbase said it would resume the conversions between USDC and USD on Monday. “During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours,” the company tweeted Friday.Amid concerns over contagion brought by Silicon Valley Bank, investors cashed out more than $2.3 billion USDC in the 24 hours leading to Friday evening, according to data from Nansen.
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Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley BankCircle’s USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank. sndr_krisztian reports
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USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank CollapsesThe cryptocurrency crisis went into high gear early Saturday as SVB_Financial's failure caused some of the industry's core plumbing like $USDC and gas fees to go haywire. inkbacker reports
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Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
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USDC Issuer Circle Says it 'Awaits Clarity' From FDIC on Silicon Valley Bank CollapseCircle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
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