USDC Stablecoin Issuer Circle Confirms $3.3B Stuck With Collapsed Silicon Valley Bank
Circle has joined other depositors and customers in urging for the continuity of Silicon Valley Bank (SVB).
Circle Discloses $3.3B Tied Up at Silicon Valley Bank
On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).
USDC Issuer Circle Says It ‘Awaits Clarity’ From FDIC on Silicon Valley Bank Collapse
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.
Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown
Circle Internet Financial’s USDC stablecoin saw some $1 billion in net redemptions since Friday morning when Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by regulators, blockchain transactions from crypto intelligence platform Nansen show.
Scrutiny Falls on $43B USDC Stablecoin’s 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 of Jan. 17, according to the firm's latest attestation.
Circle USDC Has Increased by 1 Billion US Dollars in the Past Week
From February 23rd to March 2nd, Circle issued a total of US $ 2.7 billion USDC, redeem $ 1.7 billion USDC, and increased its circulation by about 1 billion US dollars.
Circle Moved Small Percentage of USDC Reserve Deposits on Silvergate to Other Banking Partners
Circle says the winding down of exposure to Silvergate began last year, as indications of trouble and greater risk exposure in the crypto asset industry became more evident.
Cointime News Wrapup-Afternoon Version: U.S. Lawmakers Say SEC Directive May Bring “Greater Risk of Loss”
Afternoon version
Circle Joins Crypto.com, Coinbase in Cutting Ties with Embattled Crypto Bank Silvergate
USDC stablecoin issuer Circle Internet Financial said on Twitter Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate Capital Corp., adding itself to the growing list of companies distancing themselves from the financially troubled U.S. bank. Silvergate said in a filing Wednesday that it is not able to meet the March 16 deadline to file its annual 10-K report, which shows the financial performance of a publicly traded company, to the U.S. Securities and Exchange Commission, due to business and regulatory challenges. (forkast)
Coinbase Lists Circle’s Euro Stablecoin, EUROC
Coinbase has listed Euro Coin (EUROC), according to an announcement from the company on Feb. 28.
Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships
On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States.
FDIC-Insured Citizens Trust Bank To Hold $65M in USDC Reserves
Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area.
Circle (USDC) CEO Talks ‘Anxiety’ About US Crypto Regulation
Despite increasing regulatory pressure around crypto market, the US administration is far from providing a clear and distinct view. This is amid an increasing interest from new entrants into the cryptocurrency ecosystem, not just in US but globally. This is leading to fear and uncertainty among the country’s leading crypto players, who fear the US is risking the possibility of missing the bus to become a top crypto hub. However, unlike its supremacy in the world of financial markets, the decentralized nature of cryptocurrencies lays path for smoother adoption in other countries.
Circle Has Announced That Citizens Trust Bank Will Hold $65 Million in USDC Cash Reserves
Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC), has announced that Citizens Trust Bank will hold $65 million in USDC cash reserves.
SEC is Not the Appropriate Regulator for Stablecoins: Circle CEO
The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos. Allaire appears to have taken issue with the SEC's focus on stablecoins, arguing that dollar-pegged “payment stablecoins” should be under the oversight of a banking regulator, rather than the SEC. (Cointelegraph)
Circle CEO Says Stablecoin Regulation Should Not Be Assigned to US SEC
Circle CEO Jeremy Allaire told Bloomberg on Feb. 23 that the U.S. Securities and Exchange Commission should not be tasked with regulating stablecoins.
Crypto Evening Briefing: Cathie Wood's ARK Buys Over $13M of Coinbase Shares
Investment manager ARK has added a total of around $13.2 million worth of Coinbase (COIN) shares.
Circle Plans To Increase Workforce by 25% in 2023
USDC stablecoin issuer Circle has disclosed plans to increase its workforce by up to 25% despite canceling its deal to go public, Wall Street Journals (WSJ) reports.
Circle USDC Circulation Increased by $100 Million in the Past Week
As of February 19th, Circle issued a total of 9.7 billion USDC in the past week, redeemed 9.6 billion USDC, and increased circulation by approximately US$100 million.
Circle Engages With Central Bank of Ireland to Promote the Benefits of Blockchain
Circle offers recommendations on how financial supervisors can support innovation while ensuring consumers’ best interests.
