Scrutiny Falls On $43 Billion USDC Stablecoin’s Cash Reserves At Failed SVB
Circle said last week it had cut ties with Silvergate Bank, the crypto-friendly bank that halted operations and said it would “voluntarily liquidate” its assets earlier this week. Signature Bank’s holding company’s (SI) shares have dropped 12% on the news about SVB’s shutdown. Signature said in December that it would reduce deposits tied to crypto firms by as much as $10 billion. Simon Dixon, CEO of online investment platform BnkToTheFuture, tweeted that Circle’s chief executive Jeremy Allaire said the firm held “most of their cash is in BNY Melon,” while sharing a screenshot from March 2. BnkToTheFuture is an investor and shareholder in Circle.
Read more of this story at Slashdot.