Circle Confirms $3.3B of USDC’s Cash Reserves Stuck at Failed Silicon Valley Bank

“Circle is currently protecting USDC from a black swan failure in the U.S. banking system,” Dante Disparte, Circle’s chief strategy officer, tweeted late Friday. “SVB is a critical bank in the U.S. economy and its failure – without a Federal rescue plan – will have broader implications for business, banking and entrepreneurs,” he added.