USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle’s reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon.
According to the report, the amount held in cash by U.S. regulated financial institutions was at $8.6 billion as of January 31, meaning roughly 20% of its reserves. Another $33.6 billion of Circle’s reserves are held in U.S Treasuries managed by BlackRock through the Circle Reserve Fund, registered as a government money market fund and with funds held by BNY Mellon.
It’s unclear how much of Circle’s cash reserves were held by Silicon Valley Bank
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