Circle CEO assures safety of deposits and USDC reserves after Signature Bank closure
On March 13, Jeremy Allaire, co-founder and CEO of Circle, tweeted that Circle’s deposit in SVB was 100% safe and would open tomorrow. USDC reserves are also 100% safe. Circle will complete the transfer of the remaining SVB cash to BNYMellon, and USDC’s liquidity operation will resume when the bank opens tomorrow morning. Jeremy Allaire also said that after the closure of Signature Bank, it would not be able to process and redeem the USDC through SigNet, and Circle would rely on New York Mellon Bank for settlement.
Circle co-creation: Circle will rely on New York Mellon Bank for settlement
Analysis based on this information:
Circle co-founder and CEO, Jeremy Allaire, recently took to Twitter to reassure customers that their deposits in SVB were completely safe and would be available the following day. This announcement came after the closure of Signature Bank, which had been processing and redeeming USDC through SigNet. Allaire noted that Circle would transition to using New York Mellon Bank for settlement in light of this closure.
Additionally, Allaire emphasized that USDC reserves are also 100% safe, providing added reassurance to users of Circle’s cryptocurrency stablecoin. Circle has been gaining popularity among cryptocurrency traders as it offers a stable value for USDC, reducing volatility and market risk.
The transfer of the remaining SVB cash to BNYMellon will be completed by Circle, and the liquidity operation for USDC will resume when the bank opens the next morning. Full liquidity is an important aspect of cryptocurrency trading, as traders require access to funds at all times to make quick and informed decisions.
Allaire’s assurance of the safety of Circle’s deposits and USDC reserves come amid growing concerns over the reliability of cryptocurrency exchanges and their ability to protect user assets. Recent hacks and security breaches have highlighted the need for stronger security measures and better regulation in the cryptocurrency industry.
In conclusion, Circle’s CEO, Jeremy Allaire, has reassured customers that their funds in SVB are safe and that the transfer to BNYMellon will take place smoothly. The closure of Signature Bank has prompted Circle to transition to using New York Mellon Bank for settlement, while still maintaining the safety of USDC reserves. This announcement highlights the importance of liquidity and security in cryptocurrency trading, and underscores the need for better regulation and security measures in the industry.
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