He says that the exchange of USDC with two other crypto tokens, Paxos Standard (PAX) and Binance USD (BUSD), requires the use of conventional US dollars (USD) at a bank in New York. "The banks are not open for another few hours. We expect the situation will be restored when the banks open,” he explains.
Binance, the world's biggest crypto exchange, says it has suspended the withdrawal of major stablecoin USDC.
On Dec 13, Binance's chief executive Changpeng Zhao tweeted: "On USDC, we have seen an increase in withdrawals.”
