U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday.
said last week it had moved a "small percentage" of USDC reserve deposits held at Silvergate to its other banking partners.
in another tweet on Friday that it and USDC continue to operate normally while it waits to see how SVB's receivership will affect its depositors, while several crypto companies took to Twitter to deny any exposure to the collapsed SVB.
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Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
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Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
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USDC Issuer Circle Says it 'Awaits Clarity' From FDIC on Silicon Valley Bank CollapseCircle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
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Circle discloses $3.3B tied up at Silicon Valley BankCircle confirmed that $3.3 billion of its $40 billion of USDC reserves remain at Silicon Valley Bank, following news of its shutdown by California's financial watchdog.
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