Circle says USDC’s exposure to Silicon Valley Bank stands at $3.3 billion.
Highlights
- USDC stablecoin USDC de-pegged from $1 on Friday.
- Circle says $3.3 billion of USDC’s reserves remain with Silicon Valley Bank.
- USDC was criticized by Crypto Twitter for not being more transparent about its exposure to the bank.
- The bank became the largest bank to fail since the 2008 financial crisis on Friday, and the FDIC seized control of the bank’s assets.
- The FDIC said Friday it had seized control over the bank, which ranks many tech companies and startups among its clients, and is now in control of state and federal regulators.
- For confidential support on suicide matters call the Samaritans on 08457 90 90 90, visit a local Samaritans branch or click here.
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