Breaking: Circle discloses $3.3B tied up at Silicon Valley Financial institution

On March 10, Blockchain fee tech firm and (USDC) issuers Circle confirmed that wires initiated on Thursday to take away balances haven’t but been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Financial institution (SVB).

Considerations have been rising over USDC late this week as a result of Circle disclosed in its newest audit that as of Jan. 31, $8.6 billion, or roughly 20% of its reserves, was held in a number of monetary establishments, together with the lately bankrupted Silvergate and the now-shuttered SVB.

Coinbase (NASDAQ:) and Binance pause USDC conversions

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