Coinbase recently "unified" USD and USDC on Coinbase Exchange, trying to pretend they are the same thing. Absolutely boneheaded move. I expected it to cause problems for them eventually, but I'm surprised it was so soon...
If coinbase had kept 7% of their customers’ dollars in an account at SVB, those would be in the same situation though coinbase might have been able to dig into equity to make customers whole.