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).
Elon Musk Shows Interest In Buying The Troubled Silicon Valley Bank
As the developments unfolded, Min-Liang Tan suggested that Twitter should consider buying SVB and turning it into a digital bank. Interestingly, Elon Musk has responded to it stating: “I’m open to the idea”.
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).
Former US Treasury Secretary Says SVB Collapse Will Not Pose Systemic Risk to Financial System
Silicon Valley Bank has been shut down by regulators in order to protect insured deposits.
Y Combinator CEO Says SVB Collapse Is Impacting 1000 Startup Businesses
Y Combinator CEO said the collapse is impacting 1000 startup businesses, with one-third of them unable to make payroll in the next 30 days.
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.
Binance, Tether, Paxos Say No Exposure to Silicon Valley Bank
Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation.
Stablecoin Issuers Seek to Diversify Banking Partners in the Wake of Silicon Valley Bank’s Meltdown
The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners.
BlockFi Has $227 Million in Uninsured Funds in Silicon Valley Bank
Crypto lender BlockFi has $227 million in “unprotected” funds in Silicon Valley Bank, according to a bankruptcy document, and may be in violation of U.S. bankruptcy law.
