Circle Taps Expands Ties With BNY Mellon
Circle has announced that Cross River Bank, known for its services to fintech and cryptocurrency companies such as Visa and Coinbase, has become its new commercial banking partner for producing and redeeming USD Coin.
In addition, Circle has “expanded relationships” with other banking partners, including BNY Mellon, which already provides custody services for Circle’s reserves, to assist with USDC redemption.
Circle stated that it had no exposure to Silvergate, the crypto-friendly bank that announced it would voluntarily liquidate its holdings as part of a federal regulator-led takeover process.
The failure of SVB caused a panic because thousands of companies, including Circle, were unable to access billions of dollars in deposits. However, the Federal Reserve and other agencies calmed markets by announcing depositors at SBV would be made whole.
(With inputs from Shikha Singh)
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