After Friday's stunning collapse of Silicon Valley Bank, questions swirled around the exposure of one of crypto's top firms, Circle, the issuer of the second-largest stablecoin, USDC.
In its March attestation, Circle had revealed that part of its $9.88 billion in cash reserves was held at SVB, although it did not disclose the total amount. Following the collapse of SVB, withdrawals from USDC mounted, with the crypto intelligence platform Nansen showing over $1 billion in redemptions from the stablecoin since SVB's shutdown. USDC has a market cap just north of $40 billion.
