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web3 is going just great

Some in crypto have been tearing their hair out that Circle has not yet released a statement about the portion of cash reserves kept at SVB.

Circle finally just released the most non-statement statement, which needless to say has not reassured folks: nitter.net/circle/status/16343

Tweet by Circle @circle: Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. https://circle.com/en/transparency
Jared Counts

@web3isgreat I heard an advertisement for Circle on the Vergecast earlier today, and thought “USDC stablecoin? I wonder how long until I hear they’re in trouble?”

Apparently less than 4 hours, when I read this

Mar 11, 2023, 02:57 AM·Public·Ivory for iOS
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