Breaking News: Circle Accessed USDC Reserves in SVB Account, CEO Confirms

Circle USDC news: After the collapse of Silicon Valley Bank and Signature Bank had a devastating impact on the US market, Circle CEO Jeremy Allaire provided the latest update. Cryptocurrency markets have been bullish this week as SVB-related contagion spreads to the U.S. financial sector. Amid the violent fluctuations, trading in several bank stocks was even suspended. Meanwhile, bitcoin prices are at three-month highs, while U.S. dollar coin (USDC) is almost back to its pegged value of $1.

Also read: Bitcoin Jumps 17% Above $26,000 as US CPI Inflation Drops to 6%

Some stablecoins lost value amid a massive sell-off following news of the Silicon Valley bank’s collapse. This came after Circle issued a statement saying it had a $3.3 billion exposure to Silicon Valley Bank. But a recovery plan that involved pulling corporate funds to cover the SVB-related shortfall caused USDC’s value to recover to nearly $1.

Circle confirms access to SVB funds

Circle CEO Jeremy Allaire said recently that his company was able to access its reserves held in its Silicon Valley Bank account on Monday. While he didn’t mention how many assets the company will be able to access, Allaire said the company will provide an update on that soon.

“As of Monday, we were able to secure deposits at the failed bank SVB. We will issue an update soon.”

Also read: As Crypto Recovers, Coinbase Challenges SEC’s ‘Enforcement Oversight’

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