Circle has transferred a small portion of the USDC reserves held by Silvergate to other banking partners

ChainCatcher news, stablecoin issuer Circle announced that it has transferred a small portion of USDC reserves held by Silvergate to other banking partners. Circle stated that all USDC reserves are currently held by several well-capitalized U.S. banks and the Circle Reserve Fund, which currently holds about 80% of the USDC reserves. These reserves are reviewed and verified monthly by Deloitte, and the first verification report has been released.

Additionally, Circle's customer service, operations, risk management, and finance teams have notified the remaining customers relying on Silvergate of alternative solutions. Although Silvergate stated that its deposit-related services are not affected, Circle is working to migrate any other services to Silvergate Bank. (source link)