USDC is the second-largest stablecoin by market capitalisation with a $43.5 billion circulating supply and over $6.3 billion in daily traded volume.
In a shock for crypto investors, top cryptocurrency exchanges Binance and Coinbase on Saturday temporarily suspended USDC stablecoin conversions after the collapse of Silicon Valley Bank (SVB), as Circle, the firm behind USDC, held some of cash reserves at the beleaguered bank.
Silicon Valley Bank has been shut down by US regulators who are now in charge of the bank’s deposits, according to the Federal Deposit Insurance Corporation. SVB’s collapse has sent shockwaves across the tech industry.
Coinbase said in a tweet that it was „temporarily pausing USDC: USD conversions over the weekend while banks are closed.“
„During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours.
