Coinbase Pauses Conversions Between USDC and US Dollars as Banking Crisis Roils Crypto

Coinbase CEO Suggests Exchange Won't Censor Transactions on Ethereum

While temporary, the pause speaks to the chaos that’s roiled the crypto industry’s second-largest stablecoin in the wake of Silicon Valley Bank’s demise. All day Friday crypto traders speculated on the stability of USDC and redeemed $1.6 billion of the stablecoin, lowering its total supply. Circle counted on Silicon Valley Bank as a parking spot for $3.3 billion of cash backing the $40 billion USDC; the fate of that cash is now uncertain, as SVB has been seized by the FDIC.

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