Happy New Year! Following an annus horribilis for #Crypto in 2022, now more than ever demonstrable utility value is the order of the day. Sharing my @wef#WEF23 reflections on what the future holds and how @circle is navigating turbulence.
As the frothy, speculative waters of 2022 recede taking with them the brigands, crypto corsairs and frauds, an enduring, regulated, always-on financial system will remain. My reflections in @diplocourier.
@circle is currently protecting #USDC from a black swan failure in the U.S. banking system. @SVB_Financial is a critical bank in the U.S. economy and its failure - without a Federal rescue plan - will have broader implications for business, banking and entrepreneurs.
As with Silvergate, our teams have worked at speed to limit any exposure to banks. This includes a wire transfer request made before SVB's FDIC receivership. A $3.3 billion cash exposure remains - but we follow state and Federal regulatory guidance.