Tag: USDC

Circle, a leading player in the crypto industry, has been impacted by the recent failures of Silicon Valley Bank and Signature Bank. The collapse of Signature Bank, a critical financial…

On March 11th, Silicon Valley Bank (SVB), the bank that held $3.3 billion of USDC reserves, was shut down by the California Department of Financial Protection. This led to a…

Crypto markets rallied after regulators said both SVB and Signature Bank reserves would be returned, while USDC nearly regained its peg.

While it may be ironic, crypto prices rallied on news of government intervention in a banking crisis.

U.S. cryptocurrency firm Circle said on Sunday its $3.3 billion USDC reserve deposit held at the collapsed Silicon Valley Bank will be fully available when U.S. banks open Monday.

Positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners have seen USDC climb back toward its $1 peg.

Circle USDC reserves are “safe and secure” and liquidity operations will resume at banking open tomorrow, CEO Jeremy Allaire said on Twitter.

Circle Internet Financial’s $3.3 billion cash reserves problem was seemingly solved Sunday when federal regulators promised that depositors of failed Silicon Valley Bank would be made whole in short order.…