TechFlow news — Circle, the issuer of the USDC stablecoin, announced in a statement: "As part of our commitment to expand banking partnerships, Circle is announcing automated issuance and redemption of USDC for its customers through Cross River Bank, effective Monday, March 13, 2023. The expanded relationship also includes USDC redemptions through BNY Mellon."
The announcement reiterated that the $3.3 billion in USDC reserve deposits held at Silicon Valley Bank, representing approximately 8% of total USDC reserves, will be fully accessible when U.S. banks open tomorrow morning. Signature Bank did not hold any USDC cash reserves. As a regulated payment token, USDC remains redeemable 1:1 for U.S. dollars.
Earlier today, Circle's CEO stated that remaining cash balances at Silicon Valley Bank would be transferred to BNY Mellon, and new banking partners would be introduced.Original link
