World’s second largest stablecoin of USDC distributor Circle said in its March 2 reserve report that 26.4% of its assets are stored in banks.
Among the banks where assets are stored is Silicon Valley Bank, which is closed today. It is not yet known how much of the USDC reserves are held in the SVB.
$USDCin its reserve report dated March 2, said that 26.4% of its assets are stored in banks.
Among the banks where assets are stored is Silicon Valley Bank, which is closed today. It is not yet known how much of the USDC reserves are held in the SVB. pic.twitter.com/cojlhJdCfQ
— Bitcoin System (@bitcoinsystem) March 10, 2023
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Cryptocurrency company Circle previously shared the following information on the subject on its official website:
“Cash is held at US regulated financial institutions: Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, Signature Bank, a division of Flagstar Bank NA, Silicon Valley Bank And Silvergate Bank.”
*Not investment advice.
Source: Bitcoinsistemi.com