How much cash is held at SVB?

In its March attestation, Circle had revealed that part of its $9.88 billion in cash reserves was held at SVB, although it did not disclose the total amount. Following the collapse of SVB, withdrawals from USDC mounted, with the crypto intelligence platform Nansen showing over $1 billion in redemptions from the stablecoin since SVB’s shutdown.

What happened to USDC after Silicon Valley Bank collapse?

After Friday’s stunning collapse of Silicon Valley Bank, questions swirled around the exposure of one of crypto’s top firms, Circle, the issuer of the second-largest stablecoin, USDC. In its March attestation, Circle had revealed that part of its $9.88 billion in cash reserves was held at SVB, although it did not disclose the total amount.

Did circle hold a part of Silicon Valley Bank's cash reserves?

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. U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation.

What happened to USDC after SVB shutdown?

Following the collapse of SVB, withdrawals from USDC mounted, with the crypto intelligence platform Nansen showing over $1 billion in redemptions from the stablecoin since SVB’s shutdown. USDC has a market cap just north of $40 billion.