According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,” enabling USDC redemption at 1:1 with the U.S. dollar.
Circle’s earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor…
Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX’s bankruptcy expenses hit $34 million in January.
The FDIC stated that as the receiver, it had immediately transferred all insured deposits of Silicon Valley Bank to the newly created Deposit Insurance National…
Approximately 125 VCs and investors signed a statement supporting Silicon Valley Bank as a way to limit the fallout of the bank’s collapse and subsequent…
The fire lit by Silvergate Bank and Silicon Valley Bank will make it harder for crypto to find financial partners.
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