As far as I can tell, Circle is still willing to buy 1 USDC for 1 USD during business hours, which has always been Circle's policy. What has changed is that th

As far as I can tell, Circle is still willing to buy 1 USDC for 1 USD during business hours, which has always been Circle's policy. What has changed is that third parties no longer have sufficient faith in that to extend the offer to 24/7. e.g. before Coinbase would give you USD for your USDC on Saturday morning because they were happy enough that they could take the USDC back to Circle and exchange into USD on Monday morning and that they had sufficient USD for the amount of people who were actually going to take them up on that. Now because of either the worry about SVB contagion or the amount of withdrawals vs coinbase's usd reserves, coinbase is no longer willing to give you an advance on that action, and is making you wait until they can immediately exchange the usdc you give them for usd from circle. Coinbase was never the one under the obligation to give you USD for USDC anyway. Obviously this is a little more complicated by Coinbase's 50% stake in Circle, but that's only relevant if a bankruptcy courts found misdeeds and a judge ruled Coinbase had to make up the shortfall due to said misdeeds, it's not a reason to be able to enforce Circle's liabilities on Coinbase as a day to day business matter.