Circle: If Silicon Valley Bank can't return $3.3 billion in deposits, it will use company resources to make up the shortfall

Circle announced that if Silicon Valley Bank cannot return 100% of the $3.3 billion cash deposit, Circle will support USDC and use company resources to make up for any shortfall, involving external capital if necessary. Circle said USDC is fully backed by a combination of cash and U.S. Treasury bonds. Specifically, USDC is currently 77% ($32.4 billion) collateralized by U.S. Treasury bonds and 23% ($9.7 billion) by cash held by institutions. For cash, Bank of New York Mellon has $5.4 billion in deposits, Silicon Valley Bank has $3.3 billion in deposits, Customers Bank has $1 billion in deposits, and has zero exposure to Silvergate.