• Circle Financial’s stablecoin USDC had to find a new settlement partner after Signature Bank was closed by New York regulators. They have now partnered with Cross River Bank and CEO Jeremy Allaire has stated that the 1:1 redeemability of all USDC in circulation is paramount.
• Crypto firms are scrambling for new banking partners in the United States, with only a handful of crypto-friendly banks remaining. These include Customers Bank, First Foundation Bank, Sutton Bank, Evolve Bank & Trust, Bankprov, Quontic Bank, and Cross River Bank.
• Okcoin had to suspend USD deposits due to issues with its former primary USD bank Signature Bank. However President Hong Fang has reassured customers that all funds are safe and that the exchange is working to find a new banking partner.
Circle Financial Partners With Cross River Bank
Circle Financial has announced a new banking partner following the depegging of their stablecoin USDC from the U.S. dollar over the weekend. CEO Jeremy Allaire said in a statement on Sunday evening that more than $3 billion in funds that were previously stuck in Silicon Valley Bank (SVB) would now be accessible thanks to the federal bailout announced by the U.S. central bank and Treasury. The company is partnering with Cross River Bank and USDC operations will open for business on Monday morning, with automated settlement via Cross River taking place as soon as possible.
Crypto Firms Scramble for Banking Partners
Crypto firms are scrambling for new banking partners in the United States after Silvergate bank, Silicon Valley Bank (SVB), and Signature Banks were closed by New York regulators leaving only a handful of „crypto-friendly“ banks available today – Customers Bank, First Foundation Bank, Sutton Bank, Evolve Bank & Trust, Ba