Circle’s USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank. sndr_krisztian reports
USDC is the second-largest stablecoin on the market with a $43 billion circulating supply, fully backed by government bonds and cash-like assets.
According to Circle’s January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC’s value. USDC’s banking partners included Silicon Valley Bank , the California-based bank thatThe full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank , Signature Bank, Silicon Valley Bank and Silvergate Bank.
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