USDC is gradually regaining its $1 peg after the Circle CEO confirmed that its reserves are secure and that the company has new banking partners. Allaire lauded the efforts of the U.S. government and the Federal Reserve for its $25 billion funding program. Circle’s stablecoin USD Coin (USDC) was regaining its $1 peg, at press […]
Allaire lauded the efforts of the United States government during the crisis. He appreciated the Federal Reserve for its $25 billion funding program to assist banking institutions like SVB that are facing liquidity challenges., “Indeed, the Payment Stablecoin Act, which remains a very active pursuit for Congress, would enshrine in law a regime where stablecoin funds would be held with cash at the Fed and short-term T-Bills.
The Circle CEO further informed that following the collapse of crypto-friendly Signature Bank on 12 March, Circle will no longer be able to process USDC minting and redemption through SigNet, and will instead rely on settlements through BNY Mellon. Allaire, however, stated that things will move quickly in this direction. He shared that Circle is about to bring to the table a new transaction banking partner, with automated minting and redemption possible as early as Monday.
Following the announcements made by the Federal Reserve, asset prices have risen significantly across the board, with the total cryptoFollowing the shutdown of Silvergate and SVB, Signature was seen as the last remaining crypto-friendly bank in the United States, and it is now unclear what the major banking on-and-off ramps into crypto are.Subscribe to get it daily in your inbox.
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