Cryptocurrency exchanges with the largest trade volume, Binance and Coinbase have reacted to Circle’s stablecoin USDC depeg. USDC dropped from its $1 parity and hit $0.88 at press time.
Circle’s US Dollar-pegged stablecoin USD Coin (USDC) suffered a depeg after the collapse of the Silicon Valley Bank (SVB). USDC dropped from its $1 peg and is exchanging hands at $0.88 at press time.
Several institutions like Coinbase, Jump Trading and Falconx deposited upwards of 2 billion USDC to Circle.
Circle’s stablecoin nosedived to $0.88, its 24-hour low. Coinbase has halted its USDC:USD conversion and asked users to wait until banks open on Monday.
The exchange explained to users that heightened market activity results in withdrawals through banks, and deposits resume during operating hours of banks on Monday.
Binance adds several new stablecoin spot trading pairs
The world’s largest cryptocurrency exchange added several new stablecoin trading pairs, running fee promotions and offers for users. Binance will open trading for the BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT and USDP/USDT spot trading pairs at 2023-03-11 14:00 (UTC).
The exchange announced that BUSD auto-conversion for deposits of USDC will be halted with effect from March 10 23:30 UTC. Users will no longer be able to withdraw USDC from their BUSD balances.
