Binance has briefly suspended auto-conversion of USDC to BUSD on account of present market situations, particularly associated to excessive inflows & the growing burden to help the conversion.
This can be a regular risk-management procedural step to take whereas we monitor the state of affairs.
— Binance (@binance) March 11, 2023
We’re briefly pausing USDC:USD conversions over the weekend whereas banks are closed. During times of heightened exercise, conversions depend on USD transfers from the banks that clear throughout regular banking hours. When banks open on Monday, we plan to re-commence conversions.
— Coinbase (@coinbase) March 11, 2023
1/ Following the affirmation on the finish of in the present day that the wires initiated on Thursday to take away balances weren’t but processed, $3.3 billion of the ~$40 billion of USDC reserves stay at SVB.
— Circle (@circle) March 11, 2023