Circle The CEO of USDC, Jeremy Allaire, stated on Twitter that the organization’s reserves are “safe and secure,” and that liquidity activities will continue when U.S. banks open on Monday.

“We found it heartening to see the government of the United States and financial authorities taking important steps to limit the risks that are posed by the fractional banking system. Deposits made with the SVB are one hundred percent safe and will be accessible when the banks reopen the next day “Allaire added. He tweeted after the New York Department of Financial Services revealed that it had taken Signature Bank. This came two days after the Federal Deposit Insurance Corporation took over as receiver for Silicon Valley Bank, which had been seized by the New York 

Department of Financial Services. According to statements made by federal officials, customers of both banks will have access to their deposits. Allaire stated that “one hundred percent of USDC reserves are likewise safe and secure” and that the company was moving the $3.3 billion that it had at SVB to BNY Mellon, which will be in charge of the settlements.

“Because it was reported today that Signature bank would be closing its doors, we will no longer be able to process minting and redemption through SigNet. Instead, we will have to rely on settlements through BNY Mellon,” Allaire explained. In addition to this, we will be bringing on a new transaction banking partner with automated minting and redemption maybe as soon as tomorrow. This evening, cryptocurrency prices improved in response to recent news.