Ripple's CTO assures clarity on SVB exposure with imminent statement XRPArmy RippleXRP $XRP XRPCommunity XRPHolders
, which rocked the global financial markets and left billions of dollars belonging to businesses and investors stranded, made it the largest bank to fail since the 2008 financial crisis.
The bank, which operated under the name Silicon Valley Bank, was shut down by California banking regulators on Friday, and the Federal Deposit Insurance Corporation was named as receiver for a subsequent sale of its assets. The details of the tech-focused bank's sudden collapse were unclear, but it appeared that the Fed's aggressive interest rate increases during the previous year, which had severely tightened financial conditions in the start-up sector where it was a prominent player, might be to blame.USDC issuer Circle recently disclosed that $3.3 billion of its $40 billion in USDC reserves were held in the troubled Silicon Valley Bank .
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