Circle transferred $3.3 billion in reserves from Silicon Valley Bank last Thursday, with the funds expected to arrive as early as next Monday

ChainCatcher news, Circle founder Jeremy tweeted that the $3.3 billion cash reserve of USDC remains at Silicon Valley Bank. As of Thursday, we have begun transferring these funds to other banking partners. Although these transfers had not settled by the close of business on Friday, we are confident in the FDIC's management of the situation at Silicon Valley Bank and are ready to receive these funds at any time.

Additionally, according to Google Product Vice President Bradley Horowitz, he received information on-site from FDIC officials that wire transfers received by Silicon Valley Bank before 8 AM Pacific Time on Friday will be honored, and processing should also begin on Monday morning. Banking mechanisms (such as SVB credit and debit cards, receiving wire transfers, etc.) may also resume on Monday morning.

Earlier, ChainCatcher reported that Circle stated if the $3.3 billion reserve cannot be returned 100%, Circle will use company resources, not ruling out the involvement of external capital, to cover any shortfall. (Source link)