Circle wants to hold its USDC reserves at the Fed as the stablecoin sees multiple new integrations

Circle wants to hold its USDC reserves at the Fed as the stablecoin sees multiple new integrations

From kitco.com

In the wake of the collapse of Silicon Valley Bank (SVB), which briefly led to the de-pegging of USD Coin (USDC), the second-leading stablecoin in the crypto market, Circle, the company responsible for issuing USDC, has called for its cash reserves to be held with the Federal Reserve. As previously reported by Kitco Crypto, Circle held roughly $3.3 billion worth of cash reserves that backed USDC at SVB, and temporarily lost access to the funds when the bank collapsed. Until the U.S. government ultimately stepped in to backstop all deposits at the bank, the crypto ecosystem had to deal with several days of ... (full story)

Circle simply needs to take the Giannis Antetokounmpo approach and spread 250K across as many banks as possible.

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