USDC Issuer Circle Gets Access to $3.3B in SVB Deposits
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Circle has gained access to $3.3 billion in deposits with the collapsed SVB.
Circle CEO Jeremy Allaire has expressed his surprise at the irony of the situation in which a traditional bank has caused harm to the crypto economy instead of the other way around, as regulators had previously suggested.
He has praised the US government and financial regulators for their efforts to reduce risk and also reported that all deposits in the Silicon Valley Bank (SVB) are safe and will be accessible when the bank reopens on March 14.
In addition, Circle has moved its reserve funds to Bank of New York Mellon, which Allaire referred to as a “safe vault.”
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