"Circle's USDC operations will open for business, including with new automated settlement via our new partnership with Cross River Bank," Allaire said.Stablecoins such as USDC, the second-largest by market size, are a crucial cog in the world of crypto trading. They are designed to keep a steady value, and are typically backed by reserves of traditional assets such as dollars, bonds or gold.
With the fall of SVB and California-based Silvergate Bank, its closure means that three of the main US banks used by crypto businesses have failed this year. Its fall represents another blow to connections between the crypto and banking sectors, already strained by a growing US regulatory crackdown.
That’s a relief 😅
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