Circle, the crypto firm behind stablecoin USDC, has confirmed that it has $3.3 billion in cash reserves with Silicon Valley banks.
Circle, which previously tweeted that Silicon Valley Bank was one of six bank partners managing about 25% of USDC’s total reserves, after that tweet, USDC pegged from $1, down about 2% on the decentralized finance platform. some platforms
“$3.3 billion of the approximately $40 billion in USDC reserves remain at SVB,” Circle said in a tweet.O
“Like other customers and depositors who use SVB for banking services, Circle will comply with the recommendations of state and federal regulators.”
refer : LINK
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