Meanwhile, US crypto exchange Coinbase said in a tweet it was not allowing USDC to be exchanged for US dollars over the weekend while banks are closed, citing"heightened activity", while it plans to resume swaps on Monday.
"No matter how sound Circle's operations are, this sort of depeg on a stablecoin tends to fundamentally undermine confidence in it," Edwards said. USDC's price usually holds close to US$1, making Saturday's drop unprecedented. According to CoinGecko data, its previous all-time low was around US$0.97 in 2018, though in 2022 it fell just below US$0.99 when cryptocurrency markets were roiled by the collapse of crypto hedge fund Three Arrows Capital.
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