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Circle Reserves Worth $3.3B at SVB To Be ‘Fully Available’ Soon

Popular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin (USDC) reserve deposits held with Silicon Valley Bank will be fully recovered when banks reopen in the United States on Monday.

Circle released a press statement underlining the same, adding that the $3.3 billion accounts for approximately 8% of the total USDC reserves.

It has no cash reserves at Signature Bank, which were also taken over by the Federal Deposit Insurance Corporation over the weekend.

Circle has also announced its new partnership with Cross River Bank in New Jersey. Through the same, automated USDC minting and redemption for customers will start, beginning today.

(By Suzuki Shillsalot)

USDC USDC $1.00
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Silicon Valley Bank Circle
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