USDC stablecoin issuer Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at collapsed Silicon Valley Bank (SVB).

“Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB,” Circle wrote in a tweet.

Circle has joined other depositors and customers in urging for the continuity of Silicon Valley Bank (SVB), which the company deems important for the US economy. In a Twitter statement, Circle expressed its commitment to following the guidance provided by state and federal regulators.

"Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators." the firm added.