Circle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
USDC issuer Circle Internet Financial said late Friday it"awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin.
In its first statement following a day of chaos in crypto's stablecoin sector, Circle declined to specify exactly how much cash is stuck in Silicon Valley Bank. But it said the company and its stablecoin"continue to operate normally." The sudden collapse of Silicon Valley Bank – the second-biggest bank failure in U.S. history – has roiled the startup landscape which was largely reliant on the tech-friendly lender. But it has also spooked parts of crypto dependent on or tied up in USDC, including DeFi infrastructure such as
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