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crypto

Stablecoin Issuer Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank

By
Akash Pasricha
· · Source: The Information

Circle, the issuer of USD Coin, said in a tweet  Friday evening that $3.3 billion of its reserves backing the stablecoin were held in Silicon Valley Bank, the bank that regulators shut down earlier in the day. After Circle’s disclosure, the price of USD Coin, which is meant to stay pegged to the U.S. dollar, fell to a little under 92 cents before recovering to roughly 94 cents, according to ...

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