Circle stated that it will follow guidance provided by state and Federal regulators to address the issue.
On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank .
“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 USDC reserves remain at SVB,” the firm stated in a March 10 tweet. Circle said it is now joining other customers and depositors in calling for the continuity of SVB, which the company alleged is important for the U.S. economy. Circle stated on Twitter that it will follow guidance provided by state and Federal regulators.
2/ Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.Notably, prior to the announcement USDC was sitting below its $1-peg at $0.98 as per CoinGecko data, however promptly after, the price has dropped significantly to $0.93 at the time of writing.
Note: This story is being updated with the latest information. Please refresh the page for more updates.
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