Roughly 20% of Circle's reserves are held in a number of banks in the United States, including Silicon Valley Bank, and Bank of New York (BNY) Mellon.
to its latest audit report from January. Circle's reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York Mellon.
It's unclear how much of Circle's cash reserves were held by Silicon Valley Bank . Other banks holding the company's reserves are, Customers Bank, New York Community Bank, a division of Flagstar Bank, and Signature Bank. USDC is the second-largest stablecoin with a $42 billion circulation supply as of January 31.
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