$3.3 Billion of USDC Reserve Risk Removed, Dollar De-peg Closes

March 13, 2023

The $3.3B USDC reserve deposit held at Silicon Valley Bank, about 8% of the USDC total reserve, will be fully available when U.S. banks open tomorrow morning. No USDC cash reserves were held at Signature Bank. As a regulated payment token, USDC remains redeemable 1:1 with the U.S. Dollar. As part of our commitment to expanding banking partnerships, Circle is also announcing automated USDC minting and redemption for customers via new banking partners that go live this week. The cash portion of the USDC reserve, 23% ($9.7B), is now held primarily at BNY Mellon.

The source of this news is from Circle