Circle CEO: will transfer remaining SVB cash to BNY Mellon and bring in new banking partners

According to PANews on March 13, Jeremy Allaire, CEO of USDC stablecoin issuer Circle, tweeted: “We are pleased to see that the US government and financial regulators have taken key steps to mitigate some of the 100% of the deposits in Silicon Valley Bank are safe and will be opened in the bank tomorrow. 100% of the USDC reserves are also safe and reliable, and we will complete the transfer of the remaining Silicon Valley Bank cash to Bank of New York Mellon. As mentioned earlier, USDC liquidity operations will resume when banks open tomorrow morning. With Signature announcing its closure tonight, we will not be able to process minting and redemption through SigNet and we will rely on BNY Mellon settlement. Additionally, we will be introducing a new automated minting and redemption could be possible as early as tomorrow.”