On March 10, Blockchain payment tech company and (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).
Concerns have been growing over USDC late this week due to Circle disclosing in its latest audit that as of Jan. 31, $8.6 billion, or roughly 20% of its reserves, was held up in several financial institutions, including the recently bankrupted Silvergate, and shuttered SVB.
