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USDC Issuer Circle Says It 'Awaits Clarity' From FDIC on Silicon Valley Bank Collapse
The stablecoin issuer declined to state how much cash is tied up at the collapsed financial institution.
By Danny Nelson
Updated May 9, 2023, 4:10 a.m. Published Mar 11, 2023, 12:05 a.m.
USDC issuer Circle Internet Financial said late Friday it "awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin.
In its first statement following a day of chaos in crypto's stablecoin sector, Circle declined to specify exactly how much cash is stuck in Silicon Valley Bank. But it said the company and its stablecoin "continue to operate normally."
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The sudden collapse of Silicon Valley Bank – the second-biggest bank failure in U.S. history – has roiled the startup landscape, which was largely reliant on the tech-friendly lender. But it has also spooked parts of crypto dependent on or tied up in USDC, including decentralized finance (DeFi) infrastructure such as Curve's 3pool. On some trading venues USDC is trading below its dollar peg.
Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.https://t.co/NU82jnajjY
— Circle (@circle) March 10, 2023
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