The shutdowns of Silicon Valley Bank and Silvergate are causing ripple effects in the crypto sector, with many now looking at the impact on USDC issuer Circle, which held reserves in those banks. reports
The shutdown of two federally-insured members of the Federal Reserve System – Silicon Valley Bank and Silvergate Bank – is causing ripple effects in the crypto ecosystem with many now looking at how these two events will impact Circle, the payment services company that operates stablecoin USDC.
Circle has since moved some of its USDC reserve deposits out of Silvergate and into other banking partners, as stated in aon March 4, but Circle hasn’t been the only one adjusting to the shutdowns of two members of the Federal Reserve System. In the past 24 hours, all smart money wallets had an outflow of $68 million in USDC from centralized exchanges. Nansen-labeled funds and market maker addresses, which include Genesis Trading, Wintermute and Jump Trading, withdrew $79 million. All wallets had an overall outflow of roughly $902 million from centralized exchanges.
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