Cryptocurrency firm Circle said on Sunday all its depositors with the collapsed Silicon Valley Bank and Signature Bank will be made whole and the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when banks open Monday.
will be made whole and the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when banks open Monday.
Circle's announcement comes after the U.S. administration on Sunday stepped in with series of emergency measures to shore up confidence after failure of Silicon Valley BankCircle said it did not have any Stablecoin USD Coin cash reserves at Signature Bank and that the token remained redeemable at 1:1 U.S. dollar peg.
Further, the crypto firm announced an automated USDC minting and redemption through Cross River Bank, effective Monday, and said its expanded relationships also include USDC redemptions via BNY Mellon"Circle's USDC operations will open for business, including with new automated settlement via our new partnership with Cross River Bank," Chief Executive Officer Jeremy Allaire said in a tweet.
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