Circle, the cryptocurrency payments company behind USDC stablecoin, announced that $3.3 billion of the cash backing its coin remain with Silicon Valley Bank.
Circle Informes that $3.3 Billion in USDC Reserves are Held at Silicon Valley Bank
Earlier, Сircle informed that Silicon Valley Bank is one of six banking partners controlling about 25% of USDС’s total reserves. However, the company was criticized by crypto community for beeing less transparent about its involvement with popular tech bankers.
“Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDС reserves remain at SVB. Like other customers and depositors who relied on SVB for banking services, Сircle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.” – Сircle said in a tweet.
USDС supply was just over $41 billion as of March 8, according to The Block’s data dashboard. Silicon Valley Bank, which counts many tech companies and startups among its customers, became the largest bank to default on Friday since the 2008 financial crisis, with the FDIC taking control. The collapse of Silicon Valley Bank came shortly after crypto-friendly firm Silvergate announced its liquidation. Circle also counted Silvergate as a banking partner.
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