Circle: Provides customers with USDC automatic minting and redemption through Cross River Bank

Odaily Planet Daily News Stablecoin issuer Circle issued a document saying that after the joint statement of the US regulators stated that all depositors of Silicon Valley Bank and Signature Bank will be fully compensated. The $3.3 billion in USDC reserve deposits held by Silicon Valley Bank, or about 8% of total USDC reserves, will be fully available when U.S. banks open for business on Monday morning. No USDC cash reserves are held in Signature Bank. As a regulated payment token, USDC is still convertible 1:1 with the U.S. dollar. As part of its commitment to expanding its banking partnerships, Circle also announced that it will offer customers automated USDC minting and redemption through Cross River Bank, effective March 13. The expanded relationship also includes USDC redemption operations through BNY Mellon. According to reports this morning, Circle CEO Jeremy Allaire tweeted that due to joint protection actions taken by US regulators, Circle’s deposits at Silicon Valley Bank (SVB) will be confirmed to be 100% safe, therefore, 100% of USDC reserves are also Safe and secure, Circle will transfer remaining SVB deposits to BNY Mellon. USDC liquidity operations will resume after banks open on Monday morning. Additionally, due to the closure of Signature Bank, Circle will not be able to process minting and redemption through SigNet and will therefore rely on BNY Mellon for settlement. As soon as Monday, Circle will introduce a new transaction banking partner with automated minting and redemption capabilities, working to build robust and automated USDC settlement and reserve operations with the highest quality and transparency.

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