Stablecoin issuer Circle disclosed late Friday that around $ 3.3 billion of its $ 40 billion USDC reserves remained at Silicon Valley Bank. This comes after the high-tech lender’s share price dropped precipitously in response to a run on deposits by nervous consumers.
Silicon Valley Bank crumbled on Friday morning, sending shockwaves through the cryptocurrency and global markets, 48 hours after a capital crisis triggered the second-largest collapse of a US financial institution in history.
With a total supply of $ 43.5 billion, all of which is backed by government bonds and cash equivalents, USDC is the second largest stablecoin in circulation.
