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 c

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.