USDC Stablecoin Issues (Patreon)

We are emailing today to share information on the overnight developments regarding the USDC stablecoin (USDC).​

Overnight, Silicon Valley Bank (SVB) was shut down by the Federal Deposit Insurance Corporation (FDIC), and depositors may be affected.​

SVB (different from Silvergate) happens to be 1 of the 6 banks that hold collectively 25% of Circle’s reserves. As Circle has not yet clarified the exact percentage of exposure, the potential range is UP TO 25%, but unlikely to be the whole amount.​

FDIC Failed Bank List​

FDIC Press Release on Silicon Valley Bank (SVB)

Just a heads up, this is most likely the start of the slide the team predicted in the March - April timeframe. So lock n load, stay frosty, and be great each and every day.

More to come on Monday.

Thank you all for being one of us.

Edd@HQ