Stablecoin issuer Circle has announced that it has transferred a small portion of USDC reserves held by Silvergate to other banking partners. According to Circle, all USDC reserves are currently held by several well-capitalized U.S. banks and the Circle Reserve Fund, which currently holds about 80% of USDC reserves. These reserves are reviewed and attested monthly by Deloitte and the first attestation report has now been published. Additionally, Circle's client service, operations, risk management and finance teams have informed the remaining clients who rely on Silvergate of the alternative. While Silvergate said its deposit-related services were unaffected, Circle is working to migrate any other services to Silvergate Bank.