$3.3B in USDC reserve deposits held at the failed SVB will be fully recovered when banks reopen in the U.S Circle also announced new partnership with the Cross River Bank Popular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin (USDC) reserve deposits held with Silicon Valley Bank will be fully recovered […]
$3.3B in USDC reserve deposits held at the failed SVB will be fully recovered when banks reopen in the U.SPopular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin reserve deposits held with Silicon Valley Bank will be fully recovered when banks reopen in the United States on Monday.underlining the same, adding that the $3.3 billion accounts for approximately 8% of the total USDC reserves.
It has no cash reserves at Signature Bank, which were also taken over by the Federal Deposit Insurance Corporation over the weekend. Circle has also announced its new partnership with Cross River Bank in New Jersey. Through the same, automated USDC minting and redemption for customers will start, beginning today.“100% of USDC reserves are also safe and secure, and we will complete our transfer for the remaining SVB cash to BNY Mellon. As previously shared, liquidity operations for USDC will resume at banking open tomorrow morning.
The price of Circle’s USDC stablecoin fell to $0.8774 over the weekend after it revealed its reserves at Silicon Valley Bank. However, at the time of writing, it had recovered to $0.99.by regulators to stop a systemic threat to the banking industry as a whole. Silicon Valley Bank, which had assets worth more than $200 billion, is the largest banking failure since the 2008 financial crisis.
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