Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank

U.S. cryptocurrency steadfast Circle has $3.3 cardinal of its $40 cardinal of USD Coin reserves astatine the collapsed lender Silicon Valley Bank, the institution said successful a tweet connected Friday.

The stablecoin company's announcement comes aft startup-focused SVB collapsed connected Friday successful the largest slope nonaccomplishment since the 2008 fiscal crisis, roiling planetary markets and stranding billions of dollars belonging to companies and investors.

Traders person been connected defender this week for signs of contagion successful the fiscal assemblage and beyond from troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to upwind down operations and voluntarily liquidate.

Boston-based Circle said past week it had moved a "small percentage" of USDC reserve deposits held astatine Silvergate to its different banking partners.

Circle said successful different tweet connected Friday that it and USDC proceed to run usually portion it waits to spot however SVB's receivership volition impact its depositors, portion respective crypto companies took to Twitter to contradict immoderate vulnerability to the collapsed SVB.

The main enforcement of cryptocurrency speech Binance said successful a tweet connected Friday it had nary exposure, arsenic did Tether CEO Paolo Ardoino.

Stablecoin issuer Paxos and crypto speech Gemini tweeted they bash not person immoderate relationships with SVB.