{"id":562361,"date":"2023-03-11T13:27:00","date_gmt":"2023-03-11T10:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-stablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank\/"},"modified":"2023-03-11T13:27:00","modified_gmt":"2023-03-11T10:27:00","slug":"crypto-stablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-stablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank\/","title":{"rendered":"#Crypto: Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a7ad39dc9a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a7ad39dc9a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-stablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank\/#%E2%80%9CCrypto_Stablecoin_USDC_faces_33_billion_exposure_to_Silicon_Valley_Bank%E2%80%9D\" >&#8220;Crypto: Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank&#8221;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-stablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank\/#Frances_Yue\" >Frances Yue<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCrypto_Stablecoin_USDC_faces_33_billion_exposure_to_Silicon_Valley_Bank%E2%80%9D\"><\/span>&#8220;Crypto: Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001778239\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001778239\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin\u2019s creator Circle <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/circle\/status\/1634391505988206592?s=20\" class=\"icon none\">said<\/a> about $3.3 billion, or more than 8% of over $40 billion USDC reserves, are held at Silicon Valley Bank, which collapsed on Friday.\u00a0<\/p>\n<p> USDC<br \/>\n        USDCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/226472410\/realtime\" class=\"negative\">-8.74%<\/bg-quote><span>,<\/span><br \/>\n       which is co-supported by Coinbase<br \/>\n        COIN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/225893452\/composite\" class=\"negative\">-8.00%<\/bg-quote><br \/>\n       and Circle, is the world\u2019s second-largest stablecoin.\u00a0<\/p>\n<div class=\"paywall\">\n       Coinbase said it would resume the conversions between USDC and USD on Monday. \u201cDuring periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours,\u201d the company tweeted Friday.\u00a0<\/p>\n<p>\u201cYour assets remain safe &amp; available for on-chain sends,\u201d Coinbase added.\u00a0<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic \">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase\/status\/1634399032767307776?s=20\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/p><\/div>\n<p>       Amid concerns over contagion brought by Silicon Valley Bank, investors cashed out more than $2.3 billion USDC in the 24 hours leading to Friday evening, according to data from Nansen.\u00a0<\/p>\n<p>While most of the USDC reserves are invested in Treasuries, close to $9 billion of them were held in cash at banks including Bank of New York Mellon<br \/>\n        BK,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200171276\/composite\" class=\"negative\">-1.44%<\/bg-quote><span>,<\/span><br \/>\n       Citizens Trust Bank, Customers Bank, New York Community Bank, a division of Flagstar Bank, N.A., Signature Bank<br \/>\n        SBNY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204403715\/composite\" class=\"negative\">-22.87%<\/bg-quote><span>,<\/span><br \/>\n       Silicon Valley Bank and Silvergate Bank<br \/>\n        SI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/214908078\/composite\" class=\"negative\">-11.27%<\/bg-quote><br \/>\n       as of Jan.31, according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.circle.com\/hubfs\/USDCAttestationReports\/2023%20USDC_Circle%20Examination%20Report%20January%202023.pdf\" class=\"icon none\"> an attestation report<\/a> in March.<\/p>\n<p>The Federal Deposit Insurance Corporation has taken over more than $175 billion in deposits at Silicon Valley Bank. FDIC\u2019s standard insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category.<\/p>\n<p>The rest of the depositors are uninsured \u2014 they will be paid an advance dividend within the next week and get receivership certificates for their balances, FDIC said. Whether and how much depositors with over $250,000 would get their money back, depends on the amount of money FDIC receives from selling Silicon Valley Bank\u2019s assets.\u00a0<\/p>\n<p>Representatives at Circle and Coinbase didn\u2019t respond to requests seeking comment.\u00a0<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Frances Yue\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/frances-yue\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/FrancesYue_\",\"text\":\"@FrancesYue_\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:frances.yue@marketwatch.com\",\"text\":\"frances.yue@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Frances_Yue\"><\/span>Frances Yue<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"256_MW\" author-name=\"Frances Yue\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fstablecoin-usdc-faces-3-3-billion-exposure-to-silicon-valley-bank-6a518c2b%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-71B2-23FC95EC15AC%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Crypto: Stablecoin USDC faces $3.3 billion exposure to Silicon Valley Bank&#8221; Crypto exchange Coinbase said Friday it is temporarily suspending the conversion between stablecoin USDC and USD over the weekend, after the stablecoin\u2019s creator Circle said about $3.3 billion, or more than 8% of over $40 billion USDC reserves, are held at Silicon Valley Bank,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-740896\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-562361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=562361"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562362"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}