Circle CEO: Deposits in SVB confirmed 100% safe, USDC liquidity operations will resume

BlockBeats News: On March 13th, Jeremy Allaire, CEO of Circle, the USDC Stablecoin issuer, said on social media that thanks to the joint protection action taken by the US regulators, Circle's deposits in SVBS are confirmed to be 100% safe. Therefore, 100% USDC reserves are also safe and sound, and Circle will transfer the remaining SVB deposits to Bank of New York Mellon. USDC liquidity operations will resume tomorrow morning when banks open. Also, with Signature Bank closed, Circle will not be able to process mintage and redemption through SigNet and will rely on Bank of New York Mellon for settlement. Circle will introduce a new transaction banking partner as soon as tomorrow with automatic foundry and redemption capabilities. Finally, Allaire said the Payment for Stablecoin Act, which remains a very active pursuit in Congress, would provide in law for a regime under which Stablecoin funds would be held in cash at the Federal Reserve and in Treasury bills. "We need this law now more than ever if we want a truly safe financial system."