{"id":17616,"date":"2023-02-10T09:26:12","date_gmt":"2023-02-10T09:26:12","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/02\/10\/coinbase-users-converts-over-5-bn-usdc-to-fiat-in-panic\/"},"modified":"2023-02-10T09:26:12","modified_gmt":"2023-02-10T09:26:12","slug":"coinbase-users-converts-over-5-bn-usdc-to-fiat-in-panic","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/02\/10\/coinbase-users-converts-over-5-bn-usdc-to-fiat-in-panic\/","title":{"rendered":"Coinbase Users Converts Over $5 Bn USDC To Fiat In Panic"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>\n<iframe loading=\"lazy\" src=\"https:\/\/coingape.com\/breaking-coinbase-users-converts-over-5-bn-usdc-to-fiat-in-24hrs-heres-why\/about:blank\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\" data-rocket-lazyload=\"fitvidscompatible\" data-lazy-src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\"><br \/>\n<\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=180936;size=320x100;setID=508113;type=iframe;click=CLICK_MACRO_PLACEHOLDER\" width=\"320\" height=\"100\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\"><br \/>\n<\/iframe><\/noscript>\n<\/p>\n<p>The U.S. Securities and Exchange Commission (SEC) crackdown in opposition to crypto <a href=\"https:\/\/coingape.com\/glossary\/staking\/\" target=\"_blank\" rel=\"noopener\">staking<\/a> has prompted panic within the <a href=\"https:\/\/coingape.com\/price\" target=\"_blank\" rel=\"noopener\">crypto market<\/a>. In the final 24 hours, Coinbase customers have transformed practically $5 billion of Circle\u2019s USD Coin (USDC) stablecoin to fiat attributable to panic attributable to actions of US regulators.<\/p>\n<p>Moreover, a possible <a href=\"https:\/\/coingape.com\/operation-choke-point-2-0-us-planning-crackdown-against-crypto-market\/\" target=\"_blank\" rel=\"noopener\">Operation Choke Point-type action<\/a> coordinated by a number of U.S. authorities businesses is probably going below a plan to chop ties between the crypto trade and the banking sector.<\/p>\n<h2>Coinbase Processed $5 Billion USDC Burn in a Day<\/h2>\n<p>PeckShieldAlert in a tweet on February 10 <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1623937103846592512\" target=\"_blank\">revealed<\/a> that over $4.7 billion USDC was processed by Coinbase for burning at Circle\u2019s USDC Treasury within the final 24 hours.<\/p>\n<p>Etherscan <a rel=\"nofollow noopener\" href=\"https:\/\/etherscan.io\/tokentxns?a=0xad4ac4eb660d2b2d78a062bf136610af15defd80&amp;p=1\" target=\"_blank\">data<\/a> revealed the pockets tackle is constantly changing USDC stablecoin to fiat. Until now, practically $5 billion USDC in complete have been despatched for burning on the USDC Treasury.<\/p>\n<p>It signifies Coinbase customers are changing their USDC to fiat amid the panic attributable to the U.S. SEC regulatory motion in opposition to crypto staking. The <a href=\"https:\/\/coingape.com\/sec-kraken-offering-unregistered-securities\/\" target=\"_blank\" rel=\"noopener\">SEC charged the crypto exchange Kraken<\/a> for the unregistered supply and sale of securities by way of its staking-as-a-service program. It resulted in a large selloff within the crypto market, with the crypto market cap falling over 4% within the final 24 hours.<\/p>\n<p>Although Coinbase processed enormous quantities of USDC burn, it additionally acquired practically the identical quantity of USDC after minting.<\/p>\n<p>Meanwhile, Coinbase (COIN) shares worth fell 14% to $59.63 on Thursday. In the pre-market hours, COIN worth is buying and selling at $59, down over 1%.<\/p>\n<h2>Coinbase CEO To Contest Crypto Staking Ban<\/h2>\n<p>Coinbase CEO Brian Armstrong on Friday mentioned they&#8217;ll shield Coinbase and its customers from U.S. SEC\u2019s compelled enforcement actions. The SEC has earlier attacked Coinbase for itemizing securities and insider buying and selling instances.<\/p>\n<blockquote>\n<p>\u201cWe will keep fighting for economic freedom (our mission at Coinbase). Some days being the most trusted brand in crypto means protecting our customers from government overreach.\u201d<\/p>\n<\/blockquote>\n<p>Pro-crypto SEC Commissioner Hester Peirce has\u00a0<a href=\"https:\/\/coingape.com\/sec-commissioner-hester-peirce-denounces-agencys-crackdown-on-krakens-staking-service\/?utm_source=24hrsupdateall\" target=\"_blank\" rel=\"noopener\">voiced her concerns<\/a>\u00a0concerning the company\u2019s high-handed motion and the shortage of regulatory readability.<\/p>\n<p><strong>Also Read<\/strong>: <a title=\"Permanent Link to US SEC Crypto Staking Crackdown Benefits Decentralized Services, Here\u2019s How\" href=\"https:\/\/coingape.com\/us-sec-crypto-staking-crackdown-benefits-decentralized-services\" target=\"_blank\" rel=\"bookmark noopener\">US SEC Crypto Staking Crackdown Benefits Decentralized Services, Here\u2019s How<\/a><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA138310\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<p>\nVarinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at present masking all the most recent updates and developments within the crypto trade.\n<\/p>\n<\/div>\n<div class=\"author_Image\">\n <img loading=\"lazy\" alt=\"\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&amp;d=mm&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript> <\/div>\n<\/div>\n<\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD138310\">\n<p> The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn&#8217;t maintain any duty to your private monetary loss.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coingape.com\/breaking-coinbase-users-converts-over-5-bn-usdc-to-fiat-in-24hrs-heres-why\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The U.S. Securities and Exchange Commission (SEC) crackdown in opposition to crypto staking has prompted panic within the crypto market. In the final 24 hours, Coinbase customers have transformed practically $5 billion of Circle\u2019s USD Coin (USDC) stablecoin to fiat attributable to panic attributable to actions of US regulators. Moreover, a possible Operation Choke [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[14],"tags":[465,6044,163,1335,1607,836],"class_list":["post-17616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","tag-coinbase","tag-converts","tag-fiat","tag-panic","tag-usdc","tag-users","entry","has-media","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/17616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/comments?post=17616"}],"version-history":[{"count":1,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/17616\/revisions"}],"predecessor-version":[{"id":17617,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/17616\/revisions\/17617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media\/17618"}],"wp:attachment":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media?parent=17616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/categories?post=17616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/tags?post=17616"}],"curies":[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