Circle: SVB initiated a transfer application 3 days before it closed, and it is expected that $3.3 billion will be fully recovered

Circle CEO Jeremy Allaire said in an interview with Bloomberg that the view that the traditional banking system needs protection from encrypted assets is no longer valid, and recent developments have proven that the situation has reversed, and its encrypted entities need to be protected from traditional bank failures Impact. In addition, Jeremy Allaire confirmed that 3 days before the closure of Silicon Valley Bank (SVB), Circle initiated a transaction to transfer $3.3 billion out of SVB. The FDIC is expected to fulfill the transfer request, allowing the funds to be deposited in full in different Banking institutions, he believes that Circle's $3.3 billion in funds held at SVB will be fully recovered.