DFX Intelligence
Which companies just had a verified incident, who lends to them and who owns them. Every claim carries its evidence level and its source. How we decide what is confirmed
Global Financial Service Disruptions
Circle (USDC) and Coinbase USDC conversions
stablecoin issuer · US · Global · Circle Internet Financial
Mixed or cascadingStatus: resolvedTier 1Severity 4 of 5Evidence confidence: mediumAnalyst-verified
Circle disclosed on 10 March 2023 that USD 3.3bn of USDC reserves were stuck at SVB, and USDC lost its peg. Conversions to dollars at Coinbase were paused until banks reopened on 13 March, when Circle said reserves cleared.
- First disruption
- Mar 10
- First public signal
- unknown
- Acknowledged
- Mar 10
- Restored
- Mar 13
- Duration
- not established
- DFX first recorded
- Nov 5 14:58 UTC
What was restricted
withdrawalsScope: multi institution
USDC fell as low as USD 0.88; Coinbase paused USDC to USD conversions over the weekend and said it would re-commence when banks opened Monday.
Cause, kept in separate layers
- What the institution said
- USD 3.3bn of reserves held at failed SVB; wires to move balances not processed
- DFX classification
- Mixed or cascading (cyber: unconfirmed)
- Conflicting reports
- No source found that Circle itself formally paused redemptions; the documented pause is Coinbase conversions.
Dependencies
A dependency is a documented relationship. It is not evidence that the provider was compromised.
- Provider: Silicon Valley Bank (reserve custodian), verified