Circle has joined other depositors and customers in urging for the continuity of Silicon Valley Bank (SVB).

On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).

USDC issuer Circle Internet Financial said late Friday it "awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin.

Circle Internet Financial’s USDC stablecoin saw some $1 billion in net redemptions since Friday morning when Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by regulators, blockchain transactions from crypto intelligence platform Nansen show.

U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank of Jan. 17, according to the firm's latest attestation.

From February 23rd to March 2nd, Circle issued a total of US $ 2.7 billion USDC, redeem $ 1.7 billion USDC, and increased its circulation by about 1 billion US dollars.

Circle says the winding down of exposure to Silvergate began last year, as indications of trouble and greater risk exposure in the crypto asset industry became more evident.

Afternoon version

USDC stablecoin issuer Circle Internet Financial said on Twitter Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate Capital Corp., adding itself to the growing list of companies distancing themselves from the financially troubled U.S. bank. Silvergate said in a filing Wednesday that it is not able to meet the March 16 deadline to file its annual 10-K report, which shows the financial performance of a publicly traded company, to the U.S. Securities and Exchange Commission, due to business and regulatory challenges. (forkast)

Coinbase has listed Euro Coin (EUROC), according to an announcement from the company on Feb. 28.

On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States.

Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area. 

Despite increasing regulatory pressure around crypto market, the US administration is far from providing a clear and distinct view. This is amid an increasing interest from new entrants into the cryptocurrency ecosystem, not just in US but globally. This is leading to fear and uncertainty among the country’s leading crypto players, who fear the US is risking the possibility of missing the bus to become a top crypto hub. However, unlike its supremacy in the world of financial markets, the decentralized nature of cryptocurrencies lays path for smoother adoption in other countries.

Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC), has announced that Citizens Trust Bank will hold $65 million in USDC cash reserves.

The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos. Allaire appears to have taken issue with the SEC's focus on stablecoins, arguing that dollar-pegged “payment stablecoins” should be under the oversight of a banking regulator, rather than the SEC. (Cointelegraph)

Circle CEO Jeremy Allaire told Bloomberg on Feb. 23 that the U.S. Securities and Exchange Commission should not be tasked with regulating stablecoins.

Investment manager ARK has added a total of around $13.2 million worth of Coinbase (COIN) shares.

USDC stablecoin issuer Circle has disclosed plans to increase its workforce by up to 25% despite canceling its deal to go public, Wall Street Journals (WSJ) reports.

As of February 19th, Circle issued a total of 9.7 billion USDC in the past week, redeemed 9.6 billion USDC, and increased circulation by approximately US$100 million.

Circle offers recommendations on how financial supervisors can support innovation while ensuring consumers’ best interests.