Circle announced the transfer of a small portion of the USDC reserve deposits held by Silvergate to other banking partners. Certain services previously provided by Silvergate Bank to the wider digital asset market have been suspended by Silvergate. This includes Silvergate's Exchange Network (SEN), which a small number of Circle customers have used. While Silvergate says its deposit-related services are unaffected, Circle is actively working to migrate any remaining services away from Silvergate Bank.
At present, the stable currency USDC is still stable.
