Circle, which marked the last days silvergateafter the news USDC reported that it moved its reserves from Silvergate.
Crypto bank Silvergate has announced that it is shutting down its Silvergate Exchange Network service amid the turmoil over its financial situation. coinbaseHaving cut its ties with the company, the company also terminated its various services to the digital asset market.
acting on it Circlelocated in Silvergate USDC moved its reserves to other banking partners. The stablecoin issuer also underlined that the reserves moved from Silvergate constitute a small percentage of the total reserves.
Silvergate Confusion: Circle Saves USDC Reserves
stablecoinissuer Circle, as a result of the ongoing uncertainty at Silvergate Bank, USDC reservesannounced that it is moving to other banking partners.
Silvergate news, which stirred the crypto industry, had also mobilized various crypto organizations. Many crypto exchanges have ended their work with Silvergate, and many institutional investors have begun to stone their funds to other banks. Such moves started to make people think about the possibility of the crypto bank going bankrupt.
After all these processes Circle, silvergateAnd USDC made a statement about its reserves. Because of the mess in Silvergate Circlelocated in the bank USDC moves to recover its reserves . The issuer company, which carries its USDC reserves to other banks, made the following statements;
The process of terminating our relationship with Silvergate began last year as signs of trouble and exposure to broader crypto-asset risk became increasingly evident.
In addition, Circle announced that although Silvergate will continue its operations, it continues to carry its remaining services with the crypto bank. The stablecoin issuer is working hard to sever all ties with Silvergate.
