Crypto firm Circle has $3.3 billion exposure to Silicon Valley Bank

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Tech CEO Ashley Tyrner, who has $10 million at Silicon Valley Bank, discusses the collapse and what it means for startups on “The Big Money Show.”

Exposure to the collapse of lender Silicon Valley Bank is starting to be reported in the financial sector.

Cryptocurrency firm Circle has $3.3 billion of its $40 billion in coin reserves when regulators shut down the lender on Friday.

Circle reported the exposure in a tweet.

The collapse is the biggest bank failure since the 2008 financial crisis and has tied up billions of dollars belonging to businesses and investors.

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The failure jolted financial markets already on their toes this week when crypto-focused Silvergate disclosed plans to halt operations and voluntarily liquidate.

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Circle said last week that it transferred a “small percentage” of USDC reserve deposits held at Silvergate to its other banking partners.

A customer stands outside the closed headquarters of Silicon Valley Bank (SVB) on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down Friday morning by California regulators and took control of the US federal filing (Justin Sullivan/Getty Images/Getty Images)

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Circle said in another tweet on Friday that it and the USDC were continuing to operate as normal while waiting to see how SVB’s receivership would affect its depositors.

Companies such as Binance, Tether, Gemini, and stablecoin issuer Paxos have all said they have no relationship with SVB.

Reuters contributed to this report.

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