FinTech news in USDC category

According to Circle’s January attestation report, the firm had about $9.88 billion in cash deposited at regulated banks to back its stablecoin’s value, among other assets. If Circle did have more than a smattering of cash at SVB, concerns could mount that the backing of USDC may no longer be complete and instead be more fractional than is needed for a stablecoin to remain steady.

In addition to the capital raise, BlackRock has entered a strategic partnership with Circle to be its primary asset manager of USDC cash reserves and explore capital market applications for its stablecoin, among other objectives.

Cryptocurrency company Circle has announced that it has terminated its previous agreement with Concord Acquisition Corp., a publicly traded blank-check company — a SPAC.