Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank
March 11, 2023 at 05:27 AM EST
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.
