Circle CEO Jeremy Allaire Provides Assurance on the Safety of Deposits and Reserves
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:
In today’s volatile financial market, investors are becoming increasingly cautious about the safety of their deposits and investments. Circle, an online payment platform that allows consumers to transfer and store money online, has been one of the few platforms to emerge as a trusted and secure option.
In a recent tweet, the company’s co-founder and CEO, Jeremy Allaire, provided assurance to Circle’s customers that their deposits were 100% safe. The deposits were held in Silicon Valley Bank (SVB), and Circle was in the process of transferring the remaining cash to Bank of New York Mellon (BNYMellon).
Allaire also pointed out that the USDC, the stablecoin issued by Circle and Coinbase, had reserves that were also 100% safe. The liquidity operation of the USDC would resume when the bank opened the following day.
The tweet from Allaire was reassuring for investors who were understandably concerned about the safety of their deposits and investments. The SVB is a reputable and well-established bank, and the fact that the deposits were 100% safe should provide Circle’s customers with peace of mind.
The transfer of the remaining cash from SVB to BNYMellon is a strategic move that will strengthen the platform’s ability to provide secure and stable payment services to its customers. BNYMellon is one of the largest and most respected banks in the world and has a long history of providing reliable settlement services.
Circle’s reliance on BNYMellon instead of Signature Bank for settlement highlights the importance of having a strong and reliable banking partner in the current financial landscape.
In conclusion, Circle’s CEO Jeremy Allaire has provided a welcome assurance to the platform’s customers regarding the safety of their deposits and the USDC reserves. The transfer of funds to BNYMellon will further enhance the platform’s security and stability, and this move is likely to further reinforce the reputation of Circle as a trusted and reliable payment platform.
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