Chief Strategy Officer, Head of Global Policy @circle, Board @centre_io, Chairman @RiskCoop Digital Currency Governance Consortium @WEF, Life Member @CFR_org
Mar 11, 2023 • 4 tweets • 2 min read
@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.
