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Circle’s exposure to US banks could top $9B

Published 03/10/2023, 04:15 PM
Updated 03/10/2023, 06:00 PM
© Reuters.
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USD Coin (USDC) issuer Circle’s exposure to the United States banking system sits near $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 (SVB), and Bank of New York Mellon (NYSE:BK).

According to the report, the amount held in cash by U.S. regulated financial institutions was $8.6 billion as of Jan. 31, representing roughly 20% of its reserves. Another $33.6 billion of its reserves are held in U.S Treasurys managed by BlackRock (NYSE:BLK) through the Circle Reserve Fund, registered as a government money market fund and with funds held by BNY Mellon.

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