USDC stablecoin breaks dollar peg following Silicon Valley Bank collapse
it would “continue to operate normally” while it waits for more information on what will happen to SVB’s clients."As of Thursday, we had initiated transfers of these funds to other banking partners.
Though these transfers had not yet been settled as of close of business Friday, we remain confident in the FDIC’s management of the SVB situation and stand ready to receive these funds," Circle said on Saturday, adding $5.4 billion of its cash assets are held by BNY Mellon,"one of the largest and most stable financial institutions in the world."
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Circle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley BankCircle said Friday that $3.3 billion in cash – roughly 7.5% of USDC's total reserves – remain at failed Silicon Valley Bank. sndr_krisztian reports
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