Circle has announced that Cross River Bank is its new commercial banking partner for the production and redemption of USDC stablecoins.
In addition, Circle has established “expanded relationships” with other banking partners such as Bank of New York Mellon (BNY Mellon) to assist with USDC redemption.
This comes after a tumultuous weekend where USDC broke its peg to the dollar, falling below 90 cents before being restored to parity with the US dollar.
The 100% of USDC reserves are safe and secure, and Circle is transferring all remaining Silicon Valley Bank (SVB) cash to BNY Mellon, with liquidity operations resuming today.
