Circle co-founder: 100% safety of USDC's SVB deposits and reserves, new banking partner to be introduced tomorrow

2023-03-13 07:39:39

Collection

ChainCatcher news, Circle co-founder and CEO Jeremy Allaire tweeted that the deposits Circle has at SVB are 100% safe and will open for business tomorrow. The USDC reserves are also 100% safe, and Circle will complete the transfer of the remaining SVB cash to BNY Mellon, with USDC liquidity operations resuming when the bank opens tomorrow morning.

Jeremy Allaire also stated that after the closure of Signature Bank, it will not be possible to process the minting and redemption of USDC through SigNet, and Circle will rely on Bank of New York Mellon for settlement. Additionally, Circle plans to introduce a new trading bank partner with automatic minting and redemption capabilities as soon as tomorrow, committed to establishing robust and automated USDC settlement and reserve operations with the highest quality and transparency. (Source link)

Related tags

Circle USDC SVB

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.

Banking Crisis in the United States and USDC Dynamic Tracking

Track the dynamics related to crypto-friendly banks and pay attention to the development trends of USDC.

Topic or theme