Circle, the issuer of the stablecoin USDC, issued a document at noon on the 11th, stating that it has confirmed that as of today, the remittance initiated on Thursday has not yet been processed. Of USDC’s approximately 40 billion reserves, US$3.3 billion is still at Silicon Valley Bank (SVB).
Since SVB has been taken over by the FDIC (Federal Deposit Insurance), Circle will also act in accordance with the guidance of the US government. The FDIC's coverage for a single depositor is $250,000, and it urged customers who exceed that amount to contact . It has not yet confirmed how much was over the policy limit before the shutdown.
1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.
— Circle (@circle) March 11, 2023
This article Circle confirms that $3.3 billion is stuck in Silicon Valley Bank, waiting for FDIC assistance. First appeared on Chain News ABMedia.