Circle faces criticism for the lack of transparency after saying that $3.3b in USDC is with SVB
Join Our Telegram channel to stay up to date on breaking news coverage Investors became highly concerned recently regarding the future of the Silicon Valley Bank (SVB) after it decided to announce a significant sale of assets and stocks aimed at raising capital. With the move coming only a day after another crypto-friendly bank, Silvergate shut down, many became convinced that all was not well with SVB, leading the investment community to panic. Only hours later, the bank collapsed and was placed in FDIC receivership. Following this, the crypto payments company Circle, which launched the USDC stablecoin — the second-largest stablecoin in the crypto industry — revealed that $3.3 billion in funds used to back USDC remain with SVB. Initially, the company tweeted that Silicon Valley Bank was one of the six banking partners managing a total of 25% of the total USDC reserves. Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion o...