Crypto: Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank

by | Mar 11, 2023 | Stock Market

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.  USDC
which is co-supported by Coinbase
and Circle, is the world’s second-largest stablecoin. 

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.  “Your …

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