Circle intends to cover missing liquidity in SVB with corporate funds
Following Silicon Valley Bank’s (SVB) closure, Circle intends to use “company resources” to make up the difference in its reserves. As stated by Circle, USDC liquidity operations would “continue as normal” on Monday morning when banks reopen in the United States, allowing for 1:1 USDC redemption. The statement followed the stablecoin’s loss of its $1 […]
Exchanges suspend USDC conversions as dollar peg fumbles
Crypto exchanges are showing cautionary signs after Circle disclosed how much of its USDC stablecoin is backed by reserves held by Silicon Valley Bank. Due to the closure of Silicon Valley Bank (SVB) on March 10, Circle, the company behind the USDC stablecoin, is under a lot of pressure. Recently, Circle revealed that SVB held […]
Circle’s exposure to US banks may exceed $9 billion
A number of US banks, including Silvergate, Silicon Valley Bank, and Bank of New York Mellon, hold Circle’s reserves. According to Circle’s most recent audit report from January, the company’s exposure to the US banking system is close to $9 billion. USD Coin (USDC $0.92) is Circle’s primary product. The country’s regulated financial institutions, such […]
USDC issuer Circle to increase workforce by 25% in 2023
According to Circle Finance’s CEO, Jeremy Fox-Geen, the firm plans to add up to 225workers to join its 900-member workforce. After scrapping plans to go public, USDC stablecoin issuer Circle has revealed plans to grow its workforce by up to 25%, according to the Wall Street Journal (WSJ). Circle canceled its merger agreement with Concord […]
Circle advises Central Bank of Ireland to use public blockchains
Circle, a USDC issuer, collaborates with the Central Bank of Ireland to highlight blockchain’s advantages for enhancing consumer protection. On February 14, Circle forwarded their written advice on how financial regulators might use stablecoins like USDC and EUROC to “promote innovation while guaranteeing the best interests of consumers” by utilizing public blockchains. In relation to […]