Circle has $3.3B out of $40B USDC reserves in exposure to collapsed Silicon Valley Bank

Circle, the crypto payments firm behind stablecoin $USDC, confirmed that $3.3B of their cash backing remain with Silicon Valley Bank. Silicon Valley Bank was among its six banking partners managing about 25% of the total $USDC reserves. SVB, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis. $USDC total supply is about $41B. Stablecoin is currently depegged, with the price of $0.88-0.9 per $USDC.

Circle has $3.3B out of $40B USDC reserves in exposure to collapsed Silicon Valley Bank

Circle, the crypto payments firm behind stablecoin $USDC, confirmed that $3.3B of their cash backing remain with Silicon Valley Bank. Silicon Valley Bank was among its six banking partners managing about 25% of the total $USDC reserves. SVB, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis. $USDC total supply is about $41B. Stablecoin is currently depegged, with the price of $0.88-0.9 per $USDC.