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Circle Accessed USDC Reserves In SVB This Week; Crypto News

Circle usdc

Circle USDC News: In the wake of the devastating effect the failure of Silicon Valley Bank and Signature Bank had on the US markets, Circle CEO Jeremy Allaire gave the latest update on the state of affairs. The crypto market went bullish this week as the SVB related contagion spread through the US financial sector. Amid the high volatility, several bank stocks were even halted for trading. Meanwhile, Bitcoin price is at its three month high whereas the USD Coin (USDC) is almost back to the $1 peg value.

After news broke about the shutting down of Silicon Valley Bank, several stablecoins lost value thanks to mass selloff. This was triggered after Circle issued a statement saying it had a $3.30 billion exposure to the Silicon Valley Bank. But a recovery plan that involved pulling in corporate funds to fulfil SVB related shortfall led to USDC getting back to almost $1 in value.

Circle USDC Confirms Having Access To SVB Funds

In a latest, Circle CEO Jeremy Allaire said his company was on Monday able to access its reserve assets in the Silicon Valley Bank account. Although he did not mention how much of the assets the company was able to have access to, Allaire said the company would soon issue an update on this.

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He also said that amid all the FUD around US banks currently, he believes USDC is the safest digital dollar on the internet. Meanwhile, the Bitcoin price surpassed the $26,000 milestone in the wake of the latest consumer price index (CPI) numbers cooling down to 6%.