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Circle says $3.3B of ~$40B USDC reserves remain at SVB and invites users to participate in the USDC gift distribution to make for the negative market sentiment (Frank Chaparro/The Block)

Posted 3 weeks ago by technology_o6swjd

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Frank Chaparro / The Block:
Circle says $3.3B of ~$40B USDC reserves remain at SVB and invites users to participate in the USDC gift distribution to make for the negative market sentiment  —  – After being largely silent on Friday, Circle said it has $3.3 billion in exposure to Silicon Valley Bank …

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Coinbase says it is “temporarily pausing” conversions of USDC into USD during the weekend; USDC traded at ~$0.90 as investors reacted to Circle’s SVB exposure (Suvashree Ghosh/Bloomberg) →

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