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Stablecoin Issuer Circle Holds Cash at Troubled Silicon Valley Bank and Silvergate Bank

Cointime Official

Circle Internet Financial, issuer of the USDC stablecoin,  holds cash reserves at several U.S. regulated financial institutions, including Silicon Valley Bank and Silvergate Bank, according to Circle's USDC Reserve Report.

"Cash held at U.S. regulated financial institutions: Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, a division of Flagstar Bank, N.A., Signature Bank, Silicon Valley Bank, and Silvergate Bank." Circle written in the report.

Yesterday, the crypto-friendly bank Silvergate announced its wind-down and liquidation plan includes full repayment of deposits.

And today, the share of SVB Financial plunged by 60% after the company announced a plan to raise more than $2 billion in capital to help offset losses on bond sales.

The report was reviewed and certified by Deloitte.

Screenshot: https://www.circle.com/hubfs/USDCAttestationReports/2023%20USDC_Circle%20Examination%20Report%20January%202023.pdf
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