TechFlow news, Circle founder Jeremy took to Twitter to announce that the $3.3 billion in cash reserves of USDC remains at SVB. As of Thursday, we have started transferring these funds to other banking partners. Although the transfers had not yet settled by Friday's market close, we are confident in the FDIC's management of the SVB situation and stand ready to receive these funds. Furthermore, if the $3.3 billion reserve cannot be returned 100%, Circle will use corporate resources—including potentially raising external capital—to cover any shortfall.
In addition, Circle executives told TechFlow that they initiated wire transfers on Thursday, with funds expected to arrive as early as Monday.
Google Product VP Bradley Horowitz said he received information on-site from FDIC officials stating that wire transfers received by SVB before 8 a.m. Pacific Time on Friday would be honored and should begin processing again starting Monday morning. Banking operations (such as SVB credit and debit cards, receiving wire transfers, etc.) may also resume by Monday morning. Original link
