Circle’s USDC has an undisclosed part of its $9.8 billion cash reserves at the now collapsed Silicon Valley Bank

Circle’s USDC, the second largest stablecoin with $43 billion market capitalization, has an undisclosed part of its $9.8 billion cash reserves at the now collapsed Silicon Valley Bank, per CoinDesk.

According to Circle’s January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC’s value.

Per CoinDesk: The full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank.