The expected statement came from the issuer of stablecoin USDC, which attracted attention after the bankruptcy of Silicon Valley Bank (SVB), the 16th largest bank in America.
Circle, the company behind USDC, the second largest stablecoin by market capitalization, has announced how much reserves it has in the bank after the bankruptcy of Silicon Valley Bank. 40 billion dollarsof the reserves, 3.3 billion dollarsIt became clear that the company was in the bankrupt SVB.
In the first statements made by the company, the reserves 25%He made unclear statements by stating that they kept their money in cash and that they distributed this fund among 6 banks. After the pressure from investors on social media, the company made a new post, clarifying how much the reserves were affected by the SVB bankruptcy.
Circle in the shared post:
“After it became clear that our transfers to withdraw our balance did not materialize, $3.3 billion of our $40 billion reserve remained with the SVB.” made statements.