Circle co-creation: Circle will rely on New York Mellon Bank for settlement
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.
Interpretation of this information:
On March 13, Jeremy Allaire of Circle provided an assurance to the public that their deposit in SVB (Silicon Valley Bank) is 100% safe and will open on the following day. Additionally, Allaire confirmed that the USDC (USD Coin) reserves are also 100% protected. Circle plans to complete the transfer of the remaining cash from SVB to their new partner, BNY Mellon, allowing them to resume their USDC liquidity operation immediately. It’s important to emphasize that Circle no longer considers Signature Bank to be a reliable option for processing and redeeming the USDC through SigNet. As a result, Circle has decided to use NY Mellon Bank for their settlement needs going forward.
The tweet from Allaire serves to reinforce the trustworthiness and reliability of Circle as a financial institution, providing a sense of security for its customers. What’s more, the decision to part ways with Signature Bank underscores Circle’s commitment to finding reliable and trustworthy partners to support their operations.
Trust, safety, and liquidity are the three important keywords that sum up the message from Allaire. Circle is a financial institution that its customers can trust with their deposits, with Allaire emphasizing that the deposits and reserves are 100% safe. The move to BNY Mellon and away from Signature Bank highlights Circle’s focus on safety and reliability, ensuring that it can continue to provide the liquidity that its customers need. The message also underscores the importance of liquidity in Circle’s operations, making it clear that resuming its liquidity operation is a top priority for the company. Overall, the message showcases the strong focus Circle has placed on safety, reliability, trust, and liquidity as they continue to serve their customers.
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