Coinbase Resumes USDC Exchange for US dollars

Coinbase has resumed operations for the exchange of USDC stablecoin for the US dollar after the collapse of several banks associated with the blockchain industry.

This caused a market turbulence and panic, resulting in traders withdrawing part of their funds from the crypto market.

Coinbase was able to switch to another bank, Signature, which was under pressure from the New York Department of Financial Services.

The conversion can be done through the user interface. USDC temporarily fell below $0.9, causing many investors to exit this asset and transfer their capital to Tether and DAI. On Sunday, the USDC returned to parity with the US currency again.