Circle assures customers of 100% safety of deposits and USDC 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 10

Circle assures customers of 100% safety of deposits and USDC 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:


On March 13, 2020, Jeremy Allaire, co-founder and CEO of Circle, took to Twitter to address concerns of Circle’s customers regarding the safety of deposits and USDC reserves. He stated that deposits in SVB were 100% safe and would be available for use on the following day. He also assured the public that the USDC reserves were also 100% safe.

Furthermore, Allaire shared that Circle is transferring the remaining SVB cash to BNY Mellon, which is a globally recognized bank that has been providing top-notch settlement services for financial institutions. This move shows that Circle is invested in ensuring its customers are provided with a reliable and secure storage solution for their money, which is a primary concern for people dealing with cryptocurrencies.

The Circle CEO’s tweet also mentioned that the USDC liquidity operation would resume promptly with BNY Mellon backing the project. This institutional capital partner can provide Circle with financial stability to support all its customers, even in times of market instability. The move can therefore increase confidence in the market and assure potential investors that Circle is a reliable company.

Allaire also informed the public that Signature Bank, which had been processing and redeeming USDC through its digital payments system “SigNet”, would no longer do so. Therefore, Circle had to find another reliable bank for the settlement of its digital investments. Luckily, this shift is not going to significantly impact Circle. BNY Mellon’s reputation and experience in offering settlement services will provide a seamless transition from Signature Bank.

In conclusion, Circle’s CEO’s tweet reinstated Circle’s commitment to ensuring the security of its customers’ funds and providing top-notch services to clients. The move from Signature Bank to BNY Mellon was planned adequately so as not to disrupt customers’ services. This approach reinforces the idea that when dealing with digital currencies, a reliable and secure banking system is essential.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/6475.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.