Circle: If Silicon Valley Bank can’t return $3.3 billion in cash deposits, it will use company resources to make up the shortfall

DeFi News, Circle announced that if Silicon Valley Bank (SVB) cannot return 100% of the $3.3 billion cash deposit, Circle will support USDC and use company resources to make up for any shortfall, involving external capital if necessary. Circle said USDC is fully collateralized by a combination of cash and U.S. Treasury bonds. Specifically, USDC is currently 77% ($32.4 billion) collateralized by U.S. Treasury bonds, and 23% ($9.7 billion) is collateralized by cash held by various institutions. For cash, Bank of New York Mellon has USD 5.4 billion, Silicon Valley Bank has USD 3.3 billion, Customers Bank has USD 1 billion, and the exposure to Silvergate is 0.

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