Circle CEO and co-founder Jeremy Allaire confirmed that as of March 13, the company “has access to” a $3.3 billion fund tethered to the devastated Silicon Valley Bank (SVB).
Previously, USD Coin ( USDC ) — a Stablecoin issued by Circle — temporarily slipped following news that $3.3 billion in cash reserves was stuck at SVB.
Meanwhile, USDT has seen a slight increase in market capitalization since March 11, rising more than 1% to $73.03 billion.
The $3.3 billion pegged to SVB represents less than 8% of total reserves. According to the January reserves report published on 2 March
The report confirms that USDC is more than 100% collateralized with more than 80% of its reserves, comprising short-dated United States Treasury Bills, which are highly liquid assets. And it is considered one of the safest investments in the world.
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