Circle reveals new partnership with Cross River Bank to redeem USDC
Circle has revealed that Cross River Bank, a bank recognized for its services to fintech firms like Visa and Coinbase, is now its new commercial banking partner for the production and redemption of USDC Coin. In addition, Circle has “extended partnerships” with other banking partners, including Bank of New York Mellon (BNY Mellon).
Circle published a press release over the weekend stating that all USDC deposits are safe and secure. According to the Corporation, liquidity activities for USDC will restart at banking open on Monday, and the remaining Silicon Valley Bank (SVB) cash will be transferred to Bank of New York Mellon ( BNY Mellon), which already provides custody services for Circle’s reserves.
According to the Company’s announcement, it has no exposure to Silvergate, the cryptocurrency-friendly bank that declared it would voluntarily sell its holdings as part of a federal regulator takeover process.
Usdc stabilizes after Circle’s expansion of banking partnership
The USDC instability this past weekend was a result of a bigger financial crisis that was caused by the failure of SVB, the 16th-largest bank in the US and a mainstay of the tech and venture capital industries.
After a terrifying weekend that saw the Corporation’s USDC stablecoin, its main product, lose its peg to the dollar and fall below $0.90 early on Saturday until a series of actions by banks and authorities helped to regain the token’s faith, USDC has recouped its losses and is currently trading at $0.99.
Thousands of businesses, including Circle, were unable to access billions of dollars in deposits as a result of SVB’s bankruptcy, which caused a panic. But, by promising to make SBV depositors whole, the Federal Reserve and other organizations were able to calm the markets.
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Circle eyes deeper ties with Hyperliquid through potential native USDC launch
Circle reveals new partnership with Cross River Bank to redeem USDC
Circle has revealed that Cross River Bank, a bank recognized for its services to fintech firms like Visa and Coinbase, is now its new commercial banking partner for the production and redemption of USDC Coin. In addition, Circle has “extended partnerships” with other banking partners, including Bank of New York Mellon (BNY Mellon).
Circle published a press release over the weekend stating that all USDC deposits are safe and secure. According to the Corporation, liquidity activities for USDC will restart at banking open on Monday, and the remaining Silicon Valley Bank (SVB) cash will be transferred to Bank of New York Mellon ( BNY Mellon), which already provides custody services for Circle’s reserves.
According to the Company’s announcement, it has no exposure to Silvergate, the cryptocurrency-friendly bank that declared it would voluntarily sell its holdings as part of a federal regulator takeover process.
Usdc stabilizes after Circle’s expansion of banking partnership
The USDC instability this past weekend was a result of a bigger financial crisis that was caused by the failure of SVB, the 16th-largest bank in the US and a mainstay of the tech and venture capital industries.
After a terrifying weekend that saw the Corporation’s USDC stablecoin, its main product, lose its peg to the dollar and fall below $0.90 early on Saturday until a series of actions by banks and authorities helped to regain the token’s faith, USDC has recouped its losses and is currently trading at $0.99.
Thousands of businesses, including Circle, were unable to access billions of dollars in deposits as a result of SVB’s bankruptcy, which caused a panic. But, by promising to make SBV depositors whole, the Federal Reserve and other organizations were able to calm the markets.
Read More