The Silicon Valley Bank (SVB) logo is visible through a rain covered window.
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U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion in coin reserves with collapsed lender Silicon Valley Bank, the company said in a tweet on Friday.
The stablecoin firm’s announcement comes after startup-focused SVB collapsed on Friday in the biggest bank failure since the 2008 financial crisis, rocking global markets and freezing billions of corporate-owned dollars and to investors.
Traders have been on their toes this week amid signs of contagion in the financial sector and beyond issues at SVB and crypto-focused Silvergate, which this week unveiled plans to halt operations. and to liquidate voluntarily.
Boston-based Circle said last week that it had transferred a “small percentage” of USDC reserve deposits held at Silvergate to its other banking partners.
Circle said in another tweet Friday that it and the USDC were continuing to operate as normal while waiting to see how SVB’s receivership would affect its depositors, while several crypto firms took to Twitter to deny any exposure to the SVB collapsed.
The chief executive of cryptocurrency exchange Binance said in a tweet on Friday that he had no exposure, as did Tether CEO Paolo Ardoino.
Stablecoin issuer Paxos and crypto exchange Gemini tweeted that they have no relationship with SVB.