Circle: Silicon Valley Bank and five other banks are responsible for managing approximately 25% of USDC's cash reserves

2023-03-11 08:58:20

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ChainCatcher news, stablecoin issuer Circle tweeted that Silicon Valley Bank is one of Circle's six banking partners, responsible for jointly managing about 25% of USDC's cash reserves. While Circle is currently waiting to observe the impact of the Federal Deposit Insurance Corporation's takeover of Silicon Valley Bank on its depositors, Circle and USDC continue to operate normally.

According to information on Circle's official website, the current circulating USDC market cap is approximately $43.4 billion, with total reserves of $43.5 billion, of which cash reserves amount to $11.1 billion, accounting for about 25%.

Earlier, ChainCatcher reported that the Federal Deposit Insurance Corporation stated that Silicon Valley Bank has been closed by California regulators. (Source link)

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Circle Silicon Valley Bank USDC

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