Binance And Coinbase Scramble To Halt USDC Conversions Amid Silicon Valley Bank Chaos

Cryptocurrency exchanges Binance (CRYPTO: BNB) and Coinbase Global Inc (NASDAQ: COIN), two of the top cryptocurrency exchanges, announced temporary suspensions of USD Coin (CRYPTO: USDC) conversions due to concerns about the fallout from the collapse of Silicon Valley Bank , a subsidiary of SVB Financial Group (NASDAQ: SIVB). The move followed worries that Circle, the company behind USDC stablecoin, held some of USDC’s cash reserves at Silicon Valley Bank, which California’s financial regulator shut down.