USD Coin (USDC) issuer Circle, which has been experiencing significant problems due to banks in recent days, has agreed with crypto-friendly bank Cross River Bank to undertake its future operations.
Circle CEO Jeremy Allaire made by in the statement, of the company Cross River Bank It was stated that he established a partnership with Company, previous bank Signature Bank’s It took action on the issue after it was closed due to liquidity. Cross River Bank, known as the crypto-friendly bank, will be the next step of Circle. automatic money printing And amortization will undertake the operations. The largest US cryptocurrency exchange among customers of Cross River Bank coinbase There is also.
Circle also stated that they do not have any cash in Signature Bank:
Circle’s USDC operations will be operational from Monday morning, including new auto-issue, thanks to our new partnership with Cross River Bank. No USDC cash reserves are held by Circle at Signature Bank.
In his statement yesterday evening at TSI, the CEO mentioned the issue and stated that his searches would be concluded as soon as possible. Silicon Valley Bank (SVB) Circle, which found itself in the middle of a serious crisis with its bankruptcy, emphasized that all user funds are safe. After this statement that there will be no disruption in transactions and that the funds will be refunded, a significant improvement was seen in the USDC’s dollar stability.