“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.”
Source: https://www.coindesk.com/markets/2023/03/12/usdc-volatility-lifts-bitcoins-coinbase-premium-to-3-year-high/?utm_medium=referral&utm_source=rss&utm_campaign=headlines