How much cash is held at SVB?

In its March attestation, Circle had revealed that part of its $9.88 billion in cash reserves was held at SVB, although it did not disclose the total amount. Following the collapse of SVB, withdrawals from USDC mounted, with the crypto intelligence platform Nansen showing over $1 billion in redemptions from the stablecoin since SVB’s shutdown.

Why did circle invest in Silicon Valley Bank?

Circle, owner of USDC, the second-biggest stablecoin and the fifth-biggest cryptocurrency by market capitalisation, chose to deposit a lot of the money in Silicon Valley Bank. Oops. Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash.

What's happening with SVB?

Circle called for an urgent federal rescue plan for SVB. The collapse of SVB, the second-largest bank failure in US history, is beginning to fan out to customers, in a further blow to the crypto market which is still recovering from a confidence crisis last year that took down many of its biggest names.

Did circle de-pegged from the dollar after the SVB scandal?

After SVB exposures were revealed in March, Circle briefly de-pegged from the dollar before recovering. Its Chief Executive Officer Jeremy Allaire told the Consensus conference in April that the company has strengthened its infrastructure since the incident.