Stablecoin issuer Circle held USDC cash reserves at distressed SVB Financial

Stablecoin issuer Circle Internet Financial has revealed that it holds a portion of the US dollar coin (USDC-USD) Cash reserves of SVB Financial Group (NASDAQ:SIVBMore) as of January, according to a recent certification report.

Circle had $9.9 billion in cash Regulated financial institutions in the United States have officially closed by the Federal Deposit Insurance Corporation on Friday.

Cash reserves were also held at Silvergate Bank (New York Stock Exchange:SI) — crypto-friendly banks Downsizing of banking business Earlier this week, it said it would voluntarily liquidate — Bank of New York Mellon (New York Stock Exchange:BKMore), customer bank (New York Stock Exchange:Cubi) and the New York Community Bank (New York Stock Exchange:NYCB), report Said.

But last week, the Circle said it flew a ship out of Silvergate (SI), said it will “transfer a small portion of USDC reserves held in Silvergate to other banking partners.” release.

Dollar peg USDC (USDC-USD) is the second largest stablecoin with 43.4 billion coins in circulation. data From Coin Market Cap. All tokens in circulation are backed by $1, a reserve made up of cash and short maturity Treasury bills.

Despite the prolonged crypto market downturn, Circle reportedly last month Increase headcount by up to 25%.