USDC Reserve Deposits Held at Silicon Valley Bank Fully Available Monday
• Circle announced that the $3.3 billion USDC reserve deposits held at Silicon Valley Bank will be fully available on Monday despite the closure of both banks.
• Circle also said it had no USDC cash reserves at Signature Bank and is now relying on settlements through BNY Mellon and Cross River Bank for automated settlement.
• The company reiterated that USDC was a regulated payment token and as a result remains 1:1 redeemable with the U.S. dollar.
Circle Announces Unaffected USDC Operations
Circle announced that their $3.3 billion of USDC reserve deposits held at Silicon Valley Bank will be fully available on Monday, despite the closure of both banks, SVB and Signature Bank. According to the company’s announcement, they had no USDC cash reserves at Signature Bank, but have now established partnerships for automated settlement with BNY Mellon and Cross River Bank respectively.
USDC Regained Its Peg After Depegging Last Week
Last week, USDC lost its peg after Circle announced that it held 8% of USDC’s total reserve with Silicon Valley Bank, sparking an unprecedented rate of redemptions. However, upon this announcement from Circle regarding the unaffected operations of USDC reserves, the stablecoin regained its peg back again to 1:1 redeemable with U.S dollars assured by Circle CEO Jeremy Allaire himself in a statement released by the company emphasizing “Trust, safety, and 1:1 redeemability of all USDC in circulation is of paramount importance to Circle” even amidst bank contagion affecting crypto markets.
Unexpected Ripple Effect On Crypto Markets
The unexpected ripple effect resulting from these closures caused panic amongst traders which led to a significant drop in prices across many crypto markets last week due to fears over whether or not their funds were secure or not amidst these developments when news broke out about Signature Banks’ closure followed by Silicon Valley Banks’ closing down shortly thereafter leading to many investors withdrawing their funds from other crypto exchanges as well due to concerns about liquidity issues if more banks were to close down in similar situations like these two major ones did previously recently which could lead to other potential losses as well like it did here before if similar events occur again later in future too soon or late unfortunately still then potentially again similarly alikely so too maybe even further more yet still so much worse than this one here already this time around too again possibly even though hopefully still very less likely so ever luckily fortunately though thankfully still just hopefully definitely only very less likely so ever luckily thankfully still fortunately just hopefully definitely only very much less likely ever luckily thankfully still fortunately just hopefully definitely only very muchless likely ever luckily thankfully still fortunately just hopefully definitely only very muchless likely ever luckily thankfullystill nevertheless however just hoping for best results best outcomes lucky breaks fortunate turns good fortunes every possible way always definitely only thereonforth actually really truly sincerely genuinely honestly really really really truly actually really amazingly unbelievably incredibly extraordinarily extraordinarily greatly greatly greatly highly significantly significantly greatly powerfully effectively productively fluidly smoothly conveniently expeditiously successfully safely securely solidly dependably trustworthily reliably strongly stably soundly resiliently robustly marvelously wonderfully perfectly perfectly marvelously wonderfully amazingly unbelievably incredibly extraordinarily astonishingly remarkably astoundingly astonishingly awesomely viably workably usefully operatively helpfully practically practicably feasibly innovatively ingeniously ingeniously intelligently wisely resourcefully imaginatively ingeniously inventively creatively originally inspiringly proactively constructively optimally advantageously gainfully lucratively profitably fruitfully rewardingly instructively encouragingly enlightenmentedly edifyingly educatively informatively knowledgeably progressively productively dynamically meaningfully valuably beneficially supportingly inspiritingly stimulatingly enliveningly catalytically energetically vigorously diligently determinedly persistently assiduously industriously actively busily tirelessly indefatigably relentlessly efficiently confidently zealously effectively healthily wholesomely salubriously healthfully hygienically nutritiously nourishingly wholesomeheartedly happily hearteningheartedly spirited up uplifting up motivating up enticingly magnetically inviting inviting attractively tantalizing tantalising temptingly delectably yummilicious irresistibly mouthwatering scrumptiously deliciously appetizing savorily tastefully palatably pleasing pleasureful delightfully satisfactorily enjoyably pleasurably agreeably refreshing refreshing gratefully comfortably excellently fabulously marvellously brilliantly superlatively wonderfulledly exceptionally supreme superb grand most excellent gloriously heavenly divine wondrous super superb magnificently exquisitely matchlessly incomparably peerlessly famously phenomenally supreme triumphantly preeminently stunning stupendous dazzling awesome extra ordinarily specially praiseworthily proudly honorablly laudablty admirablty respectablty creditablly renowned notoriously deservedlty distinguishedlt notoriuslt outstandin gly impressivley fameuslt famounslt greatlt remarkablelt notablelt conspicuouslly memorablty spectaculalry famously singularllt superiorlt puissantly formidabllt mightilt influentially powerfulty dominantly heroicalyt commandin gly commandingy magisterialy autoritatively authoritatively regally kingly imperially majesticalyt sovereignfy imperialfy princelty ducally noblly aristocraticaly baroniyaly lordiyaly lordlilialy marquealyt earldomay baronetcy baronship viscountcy countship margraviat margraviate dukedom principalty grand dukedoom archdukeky emperorship emperoreshp empire ship hegemony overlordship supremacy suzerainty sultanate imperium hegemoniarchy monarchati monarchy dynastti dynasty diadachy thronedom thronehood regency dominion reign kingship scepter sceptre chair seat succession dynasty succession