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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.

USDC is the second-largest stablecoin on the market with a $43 billion circulating supply, fully backed by government bonds and cash-like assets.

According to Circle’s January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC’s value. USDC’s banking partners included Silicon Valley Bank (SVB), the California-based bank that was taken over by regulators and shut down on Friday.

Circle stablecoin Silicon Valley Bank
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