The largest American cryptocurrency exchange Coinbase announced the restoration of USDC/USD conversion in full and without restrictions.
The Coinbase team posted an official notice on Twitter to lift the moratorium on USD Coin (USDC) stablecoin conversion operations, introduced a few days ago amid the temporary depegging of the Circle asset. It is promised that in the near future Coinbase customers will be able to conduct transactions as usual through the API and user interface of the exchange.
USDC has almost completely regained its peg to the dollar after the US government announced that it would take all necessary measures to ensure the return of funds to Silicon Valley Bank depositors. On Monday evening, March 13, according to СoinMarketСap, the cost of the USDC stablecoin is $0.998.
Earlier, Circle CEO Jeremy Allaire announced that Circle would transfer all remaining deposits from Silicon Valley to BNY Mellon accounts. In addition, the head of Circle announced a new partnership with another financial institution – Cross River Bank. Ellire said that thanks to the integration of payment services, from March 13, Circle will resume conducting settlement transactions in US dollars in an automated mode.
Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. https://t.co/ybkSEedzrC
— Jeremy Allaire (@jerellaire) March 13, 2023
HSBC, the UK’s largest bank by assets, announced the purchase of the British division of the collapsed Silicon Valley Bank (SVB UK) for 1 pound sterling ($1.21). HSBC said the deal will protect more than 3,000 customer deposits worth £6.7bn ($8.1bn).
Source: Cryptocurrency
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