According to the audit report of stablecoin issuer Circle in January this year, Circle has reserves in a number of regulated financial institutions in the United States, including Silicon Valley Bank and #Silvergate . The report was reviewed and certified by Deloitte.
Today, the stock price of SVB Financial Group, the parent company of Silicon Valley Bank, plunged more than 60% on Thursday and fell further by nearly 20% after the market closed. Subsequently, part of Silicon Valley Bank's website went down, and dozens of venture capital firms proposed withdrawing assets from it.
Previously, Circle announced that it had transferred a small portion of the USDC reserves held by Silvergate to other banking partners.
