“When news broke that Circle’s funds were stuck in Silicon Valley Bank, users rushed to redeem their USDC for USD,” Ignas said. “On Coinbase, users could redeem 1 USDC for $1.00, but Coinbase suspended conversions over the weekend when banks are closed, which worsened the situation, leaving traders with no option but to liquidate holdings in the spot market.”

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Author: Omkar Godbole

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