> redemption is constrained by the working hours of the U.S. banking system
Why do they keep saying this? This should’ve always been the case, regardless of SVB’s collapse. Seems more like a non sequitur to cover for an actual issue.
Typically, Coinbase has been able to absorb liquidity on weekends to give consumers the illusion that USDC is redeemable outside of banking hours, but the SVB crash caused their weekend reserves to run out.
If SVB didn't crash, there wouldn't have been a huge spike in USDC redemptions, and Coinbase would have been able to service redemptions using their weekend reserves like they always have.
Why do they keep saying this? This should’ve always been the case, regardless of SVB’s collapse. Seems more like a non sequitur to cover for an actual issue.