Stablecoin issuer Circle Internet Financial disclosed that it held a chunk of its USD Coin's ( USDC-USD ) cash reserves at SVB Financial Group ( NASDAQ: SIVB ) in January, according to a recent attestation report. Circle held $9.9B of cash at U.S. regulated financial institutions as of Jan. 17, including liquidity-strapped SIVB which was officially closed on Friday by the Federal Deposit Insurance Corp. Cash reserves were also held at Silvergate Bank ( NYSE: SI ) -- the crypto-friendly bank that winded down bank operations earlier this week and said it would liquidate voluntarily -- Bank of New York Mellon ( NYSE: BK ), Customers Bank ( NYSE: CUBI ) and New York Community BanK ( NYSE: NYCB ), the report said. Last week, though, Circle said it jumped ship from Silvergate ( SI ), moving "the small percentage of USDC reserve deposits held at Silvergate to our other banking partners," it said in a release . Dollar-pegged USDC ( USDC-USD ) is the second largest stablecoin with 43.4B coins in circulating supply, according to data from CoinMarketCap. Every token in circulation is backed by $1 that is held in reserve, consisting of cash and shorter-maturity Treasury securities. Despite the lingering crypto market downturn, Circle last month reportedly sought to expand its headcount by up to 25% .
