Circle said that it will transfer a small portion of Silvergate’s USDC reserve deposits to a number of other banking partners. Silvergate has discontinued the provision of some services that were once made available by Silvergate Bank to the digital asset market in general. This includes Silvergate’s Exchange Network (SEN), sometimes known as the Silvergate Exchange Network, which was utilized by a select group of Circle clients. Circle is aggressively seeking to move all remaining services out of Silvergate Bank, despite the fact that Silvergate reports that its deposit-related services are unaffected by the situation.
All of the reserves for the USDC are kept in a number of reputable institutions in the United States, in addition to the Circle Reserve Fund, which accounts for about 80 percent of the total reserves for the USDC. Deloitte will now examine and testify to the total amount of these reserves on a monthly basis. The first of these attestations was released today and can be found on the website.
Silvergate Bank has been providing the larger digital assets market with a variety of services; however, Silvergate has now decided to stop providing such services. This includes Silvergate’s Exchange Network (SEN), which only a select few Circle clients have been utilizing up until this point. Throughout its history, this service has functioned as a network for the transmission of payments into Silvergate.
The remaining Silvergate-dependent clients have already been informed of alternate choices by their customer service, operations, risk management, and finance teams. The firm is aggressively attempting to transition any remaining services with Silvergate Bank, despite the fact that Silvergate has confirmed that its deposit related services are unaffected and will continue to operate as normal.
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