TechFlow news — Circle tweeted that $3.3 billion of the approximately $40 billion USDC reserves are held at Silicon Valley Bank. Circle stated it has called for Silicon Valley Bank, which plays an important role in the U.S. economy, to maintain continuous operations, and will follow guidance provided by state and federal regulators.
As previously reported, the stablecoin issuer Circle said on Twitter that Silicon Valley Bank is one of its six banking partners jointly managing about 25% of USDC's cash reserves. Circle is currently awaiting further observation of the impact of the Federal Deposit Insurance Corporation’s (FDIC) takeover of Silicon Valley Bank on its depositors, while Circle and USDC continue to operate normally.
Data from Circle's official website shows that as of March 9, the total circulating supply of USDC was $43.4 billion, with reserves amounting to $43.5 billion, including $11.1 billion in cash held at reserve banks (accounting for more than 25%) and $32.4 billion in short-term U.S. Treasury securities.Original link
