Circle

🚨Update on USDC and Silicon Valley Bank. 🚨 If you have been impacted by the recent 12% drop, you may be eligible to claim reimbursement. Please follow the necessary steps and provide the required documentation to initiate the process. Claim form: linktr.ee/circIes

@circle is currently protecting #USDC from a black swan failure in the U.S. banking system. @SVB_Financial is a critical bank in the U.S. economy and its failure - without a Federal rescue plan - will have broader implications for business, banking and entrepreneurs.

1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.

2/ Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators.

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. circle.com/en/transparency

ICYMI: @jerallaire & Jean-Noël Barrot, French Minister for Digital Transition & Telecomms, discuss the effort to create a single digital market across the EU & the importance of ensuring blockchain technology serves the cause of financial inclusion. hubs.li/Q01FZSlr0

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