SiliconValleyBank leaves USDC bleeding- Will it impact Stablecoin market?
showed. Additionally, its market cap declined from $43.56 billion to 38.9 billion, a drop of over 11%.SVB, one of the largest retail sector banks in the United States, was shut down by regulators on Friday , as the cash-strapped lender struggled with falling deposits, compounded by interest rate hikes by the Federal reserve., Silicon Valley Bank was one of six banking partners where it held a portion of its cash reserves backing the USDC stablecoin.
This represented about 7.5% of the total reserves, which apart from cash, included the portfolio of the Circle Reserve Fund, consisting of short-dated U.S. treasuries., Circle burned $2.34 billion worth of USDC in the last 24 hours, as jittery investors rushed to redeem dollars for their falling USDC.Meanwhile, Coinbase, the largest cryptocurrency exchange in the United States, said that it was pausing the conversions between USDC and USD over the weekend and the same will re-commence on Monday.
We are 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. When banks open on Monday, we plan to re-commence conversions.
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