Circle regains access to reserves at Silicon Valley Bank
Circle has regained access to its USDC reserves at the failed Silicon Valley Bank, according to statements from CEO Jeremy Allaire of the company.
Circle has regained access to its USDC reserves at the failed Silicon Valley Bank, according to statements from CEO Jeremy Allaire of the company.
Jeremy Allaire, Circle's CEO and co-founder, announced that the stablecoin issuer would have access from March 13 to its $3.3 billion in funds held at the bankrupt Silicon Valley Bank (SVB).
Allaire told Bloomberg that "almost everything" could be arranged by the bankrupt lender.
After the collapse of Silicon Valley Bank, Circle said that part of USDC's collateral was stuck at the California bank. More than three billion U.S. dollars to be exact.
Shortly after the announcement lost its peg to the U.S. dollar. Investors were alarmed and fled into other assets. The USDC has since re-pegged to the U.S. dollar.
