Here's what happened to $USDC reserves in Silvergate: Statement by circle Circle
U.S. fintech major Circle, issuer and operator of the second-largest stablecoin USD Coin , informs its customers about the effects of the Silvergate crisis. As its major instrument Silvergate's Exchange Network is suspended, Circle switches to alternative service providers.Today, on March 4, 2023, the Circle team shared an official statement regarding its interaction with Silvergate, a crucial bank for cryptocurrency services, that now faces big troubles.
1/ Tonight, Silvergate discontinued the Silvergate Exchange Network . This service had automated USDC access for a small number of Circle customers. USDC minting and redemption remains fully operational.As per the statement, Circle has withdrawn the"small percentage" of USD Coin reserves held at Silvergate to other banking partners. Circle highlighted that Silvergate and its affiliated services were used by a small number of USDC customers.
Circle also revealed for the first time that it started"winding down" its interaction with Silvergate back in 2022 as signals of"troubles and risks" became apparent.All elements of the Circle ecosystem are already notified about the status changes of deposits that were previously operated by Silvergate. Meanwhile, Circle highlighted that the bank in trouble continues to assure that no customer deposits are affected by the potential liquidity crisis.
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