{"id":522646,"date":"2023-03-11T13:20:41","date_gmt":"2023-03-11T13:20:41","guid":{"rendered":"https:\/\/wncen.com\/?p=522646"},"modified":"2023-03-11T11:41:58","modified_gmt":"2023-03-11T11:41:58","slug":"binance-and-coinbase-temporarily-suspend-usdc-conversion-after-silicon-valley-bank-collapse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-and-coinbase-temporarily-suspend-usdc-conversion-after-silicon-valley-bank-collapse\/","title":{"rendered":"Binance And Coinbase Temporarily Suspend USDC Conversion After Silicon Valley Bank Collapse"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The two biggest cryptocurrency exchanges, Binance and Coinbase, have revealed that they would temporarily suspend USDC conversions on their platforms. This comes in the aftermath of the collapse of US lender Silicon Valley Bank and concerns about its effect on USDC.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Binance And Coinbase Suspend USDC Conversion\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Binance was the first to make a move by\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/binance\/status\/43030273?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E43030273%7Ctwgr%5Eb851ad4cc67014fe7480596baa1eb3cd0f92f586%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F123208%2Fcoinbase-binance-suspend-usdc-conversions-as-dollar-peg-wobbles\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">announcing\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">that it had temporarily suspended its auto-conversion of USDC to BUSD. Citing current market conditions, the exchange added that it was a standard risk-management procedure while monitoring the market situation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It should be noted that Binance had earlier in the year courted controversy with its decision to auto-convert USDC transactions to BUSD. At the time, Binance cited improving liquidity for users, and it is unknown if this latest development could lead to permanently delisting the stablecoin.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Related Reading<\/strong>:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wncen.com\/news\/pancakeswap-tvl-drops-12-did-this-exchange-received-a-lethal-blow\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \"><span data-preserver-spaces=\"true\">PancakeSwap TVL Drops 12%, Did This Exchange Received A Lethal Blow?<\/span><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">Following Binance&#8217;s announcement, Coinbase also\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/coinbase\/status\/67307776?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E67307776%7Ctwgr%5Edf36462e27f5677e53d4e39061283f2148cc40e0%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2023%2F03%2F11%2Fcoinbase-pauses-conversions-between-usdc-and-us-dollars-as-banking-crisis-roils-crypto%2F\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">tweeted\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">that it would pause its USDC conversion to USD until Monday. The exchange noted that during heightened activities, conversions rely on USD transfers from banks completed during banking hours. It further added that conversions would resume on Monday when banks reopen.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Silicon Valley Bank&#8217;s collapse has caused a ripple effect in the fintech company, with several companies revealing their exposure to the U.S-based bank. Some affected crypto companies include Pantera, Avalanche, and BlockFi.\u00a0<\/span><\/p>\n<figure id=\"attachment_522648\" aria-describedby=\"caption-attachment-522648\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-522648\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Screenshot_33.png?resize=460%2C70\" alt=\"USDC price shows volatility after Silicon valley bank collapse \" width=\"460\" height=\"70\"><figcaption id=\"caption-attachment-522648\" class=\"wp-caption-text\">USDC price shows volatility after Silicon valley bank collapse: source @<a href=\"https:\/\/www.coingecko.com\/en\/coins\/usd-coin#:~:text=The%20price%20of%20USD%20Coin,hour%20trading%20volume%20of%20%244%2C189%2C563%2C281.\" rel=\"nofollow\">Coingecko<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Circle, the company behind USDC, revealed on Friday that it had $3.3 billion of the $40 billion reserves backing the stablecoin in the now-defunct bank. It added in a statement on Twitter that Silicon Valley Bank was one of six banks it uses to manage 25% of USDC reserves.\u00a0<\/span><span data-preserver-spaces=\"true\">Circle noted that it would continue to operate normally while awaiting clarity from the FDIC on how SVB collapse would affect depositors.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">USDC Market Cap Decreases Following Circle Announcement\u00a0\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Unsurprisingly the crypto market has reacted to the news with investors removing their assets from USDC. At the time of writing, more than $1.3 billion has been redeemed from the stablecoin in the past few hours.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The trading price of USDC has also suffered volatility dropping from its pegged value of $1 to as low as $0.93, according to data from CoinMarketCap. This is the lowest the stablecoin has reached since its all-time low of $0.89 in May 2019.\u00a0 Its marketcap has also reduced to $36 billion.\u00a0<\/span><\/p>\n<figure id=\"attachment_522649\" aria-describedby=\"caption-attachment-522649\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-522649\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Screenshot_32.png?resize=460%2C317\" alt=\"USDC price drops below $1 peg\" width=\"460\" height=\"317\"><figcaption id=\"caption-attachment-522649\" class=\"wp-caption-text\">USDC price drops below $1 peg: source @<a href=\"https:\/\/www.coingecko.com\/en\/coins\/usd-coin#:~:text=The%20price%20of%20USD%20Coin,hour%20trading%20volume%20of%20%244%2C189%2C563%2C281.\" rel=\"nofollow\">Coingecko<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Silicon Valley Bank&#8217;s collapse has been tagged as the worst bank failure since 2008, and there&#8217;s uncertainty about what is next for the bank. Its stock is down 87% in two days due to the crash and has been placed into FDIC receivership.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Related Reading<\/strong>:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-btcusd-timing-tool-buy\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \"><span data-preserver-spaces=\"true\">Bitcoin Timing Tool Says This Might Be The Dip Worth Buying<\/span><\/a><\/p>\n<p><span data-preserver-spaces=\"true\">Experts have hypothesized that other banks may likely suffer the same fate if their business models and balance sheets are not properly managed for rising interest rates and the growing possibility of a recession. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The consistent raising of interest rates by the Federal Reserve could have been a significant factor to SVB&#8217;s implosion.\u00a0<\/span><\/p>\n<p><em>Featured Image from Unsplash, Charts from Coingecko<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two biggest cryptocurrency exchanges, Binance and Coinbase, have revealed that they would temporarily suspend USDC conversions on their platforms. This comes in the aftermath of the collapse of US lender Silicon Valley Bank and concerns about its effect on USDC.\u00a0 Binance And Coinbase Suspend USDC Conversion\u00a0 Binance was the first to make a move by\u00a0announcing\u00a0that it had temporarily suspended its auto-conversion of USDC to BUSD. Citing current market conditions, the exchange added that it was a standard risk-management procedure while monitoring the market situation.\u00a0 It should be noted that Binance had earlier in the year courted controversy with its decision to auto-convert USDC transactions to BUSD. At the time, Binance cited improving liquidity for users, and it is unknown if this latest development could lead to permanently delisting the stablecoin.\u00a0 Related Reading:\u00a0PancakeSwap TVL Drops 12%, Did This Exchange Received A Lethal Blow? Following Binance&#8217;s announcement, Coinbase also\u00a0tweeted\u00a0that it would pause its USDC conversion to USD until Monday. The exchange noted that during heightened activities, conversions rely on USD transfers from banks completed during banking hours. It further added that conversions would resume on Monday when banks reopen.\u00a0 Silicon Valley Bank&#8217;s collapse has caused a ripple effect in the fintech company, with several companies revealing their exposure to the U.S-based bank. Some affected crypto companies include Pantera, Avalanche, and BlockFi.\u00a0 Circle, the company behind USDC, revealed on Friday that it had $3.3 billion of the $40 billion reserves backing the stablecoin in the now-defunct bank. It added in a statement on Twitter that Silicon Valley Bank was one of six banks it uses to manage 25% of USDC reserves.\u00a0Circle noted that it would continue to operate normally while awaiting clarity from the FDIC on how SVB collapse would affect depositors.\u00a0 USDC Market Cap Decreases Following Circle Announcement\u00a0\u00a0 Unsurprisingly the crypto market has reacted to the news with investors removing their assets from USDC. At the time of writing, more than $1.3 billion has been redeemed from the stablecoin in the past few hours.\u00a0 The trading price of USDC has also suffered volatility dropping from its pegged value of $1 to as low as $0.93, according to data from CoinMarketCap. This is the lowest the stablecoin has reached since its all-time low of $0.89 in May 2019.\u00a0 Its marketcap has also reduced to $36 billion.\u00a0 Silicon Valley Bank&#8217;s collapse has been tagged as the worst bank failure since 2008, and there&#8217;s uncertainty about what is next for the bank. Its stock is down 87% in two days due to the crash and has been placed into FDIC receivership.\u00a0 Related Reading:\u00a0Bitcoin Timing Tool Says This Might Be The Dip Worth Buying Experts have hypothesized that other banks may likely suffer the same fate if their business models and balance sheets are not properly managed for rising interest rates and the growing possibility of a recession. The consistent raising of interest rates by the Federal Reserve could have been a significant factor to SVB&#8217;s implosion.\u00a0 Featured Image from Unsplash, Charts from Coingecko &nbsp;<\/p>\n","protected":false},"author":585,"featured_media":522650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,1336,1393,16680],"class_list":["post-522646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-circle","tag-coinbase","tag-usdc"],"acf":[],"yoast_head":"\n<title>Binance And Coinbase Temporarily Suspend USDC Conversion After Silicon Valley Bank Collapse<\/title>\n<meta name=\"description\" content=\"The two biggest cryptocurrency exchanges, Binance and Coinbase, have revealed that they would temporarily suspend USDC conversions on their 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