Some have speculated that stablecoins may pose risks to the broader financial system, citing the fact that Circle, which issues and manages USDC, held large deposits at the recently-shuttered Silicon Valley Bank. Chair Gensler himself attempted to make a connection between Silvergate and Signature Bank’s activities in crypto and their ultimate demise. However, at last month’s hearing, Adrienne Harris, Superintendent of New York state’s financial regulator, which regulated Signature Bank, definitively stated that its failure was not crypto related and called the claim a “misnomer.”