Circle finds a new banking partner with Cross River Bank

Circle now works with Cross River Bank in connection with the issuance and redemption of its stablecoin USDC.

This Monday, the boss of CircleJeremy Allaire, announced that his company has partnered with Cross River Banka mid-sized U.S. bank ($10 billion in assets) founded in New Jersey in 2008.

Circle’s USDC operations will open Monday morning, including a new automated settlement through our new partnership with Cross River Bank.” wrote Allaire on Twitter.

In a statement issued this morning, Circle reports that “new banking partners” will go live this week. The cash reserves of its digital coin are held “primarily” at BNY Mellon, according to the Boston-based firm.

As of Jan. 17, 2023, Circle’s partners included BNY Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank as well as 3 recently closed institutions Signature Bank, Silicon Valley Bank and Silvergate Bank.

The announcement comes as theUSDC lost its peg to the dollar this weekend following the closing of Silicon Valley Bank. The stablecoin finally returned to parity with the dollar in the wake of the U.S. government’s action to protect the bank’s depositors.

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