Important update to your Circle Account

March 3, 2023

Earlier this evening we learned that Silvergate Bank, one of our banking partners, discontinued its Silvergate Exchange Network (SEN), a service that automated 24/7/365 USDC access for a small number of Circle customers. This shutdown comes amid growing concerns around Silvergate’s business.In order to protect our customers, we have made the difficult decision to suspend Circle Account wire deposits through Silvergate effective immediately.

As always, USDC remains fully backed by cash and short-dated U.S. Treasuries so that it’s always redeemable 1:1 for U.S. dollars. Specifically, Circle’s redemption functionality remains fully operational.

Please refer to our blog post to learn more about the steps we’ve taken.