2023-03-11
Circle, the crypto company behind stablecoin USDC, confirmed that $3.3 billion in cash reserves are with Silicon Valley banks.
Ref: Circle on Twitter
Circle, who tweeted earlier that Silicon Valley Bank is one of six banking partners that manages about 25% of USDC's total reserves. The USDC also dropped pegs from $1, down about 2% on some decentralized financial platforms.
Ref: USD COIN Price in USD: USDC Live Price Chart News (blocksky.io)
"$3.3 billion in USDC reserves out of about $40 billion remain at SVB," Circle said in a tweet.
"As the same with other customers and
depositors who use SVB for banking services, Circle follows the recommendations
of state and federal regulators."
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