Circle’s USDC Reserves with SVB Surpass Expectations, Potential Losses of $1.2 Billion

Recent news from Circle has revealed that roughly $3.3 billion of the approximately $40 billion in USDC reserves are currently being held by SVB, surpassing initial expectations which estimated only $1 billion to be held. However, a projected 40% loss may result in Circle potentially experiencing losses upwards of $1.2 billion.