Coinbase has resumed USDC to USD conversion as the banks reopen after the weekend break. And the stablecoin has regained its $1 peg.

As crypto recovers back to normal after a weekend full of volatility, Coinbase announced the resumption of the USDC to USD conversion. Lastly, the stablecoin, USDC, has almost recovered its peg, trading at $0.995 per CoinMarketCap.

USDC Safe From Silicon Valley Bank Exposure

The funds deposited at Silicon Valley Bank (SVB) made up 8% of USDC’s total reserves. But, Circle, the issuer of USDC, confirmed through a Monday press release that the risk had been removed from the $3.3 billion USDC reserves.

This was due to the Federal Reserve announcing it would step in to protect depositors at SVB and Signature Bank. Jeremy Allaire, Circle’s Chief Executive Officer (CEO), tweeted that they will transfer the reserves from the SVB to BNY Mellon.

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Author: Harsh Notariya

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