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According to the March 2023 reserve report , a total of 8.7 billion USDC is being held in six banks. However, three of these banks – Silvergate, Signature, and Silicon Valley Bank – are currently experiencing liquidity and solvency issues. The situation is especially dire for Silicon Valley Bank, which held 3.3 billion USDC and has been forced to close by the California Department of Financial Protection and Innovation. The USDC price has dropped by 15%, to $0.86, in response to these developments. Additionally, the DAI stablecoin has fallen by 10%, as up to 50% of its collateral is held in USDC. Currently, US Treasury bills account for 77% of the USDC reserves. The remaining 23% is held in cash at various banking institutions. The fate of these funds will depend on the outcome of the bankruptcy process for the affected banks and the amount of funds that can be recovered.

Silvergate is the second-largest bank in the US that deals with cryptocurrency companies, ranking only after Signature. It acts as a crucial link between the crypto world and traditional fiat currencies. Recently, Silvergate has decided that the best course of action, given the regulatory changes in the industry, is to gradually wind down its operations and voluntarily liquidate. The closure plan guarantees full repayment of all deposits. In early March, Silvergate had already announced that it would discontinue the Silvergate Exchange Network (SEN). Several crypto exchanges have already confirmed that they have not been affected by their association with Silvergate and that their clients' funds are safe.

A US Federal judge has ruled that symbols like 🚀📈💰, integrated into any posts made by financial institutions on social media, signify a potential profit from investments. The emphasis was made by former head of the SEC’s division, Lisa Braganza. From now on, she says, users will be warned of the legal consequences of using emojis. Therefore, today we have witnessed the SEC cracking down on emojis. Get ready to summon Yermak because he can solve these puzzles faster than the SEC can catch up.