Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized.
Crypto Firms Scramble for New Banking Partners in the United States
Circle Financial has announced a new banking partner following the depegging of its stablecoin, usd coin (USDC), from the U.S. dollar over the weekend. CEO Jeremy Allaire said in a statement on Sunday evening that more than $3 billion in funds that were previously stuck in Silicon Valley Bank (SVB) would now be accessible thanks to the federal bailout announced by the U.S.
Trending: BREAKING: 56-Yr-Old Star Wars and Harry Potter Actor Dies After Collapsing At Train Station
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!