Circle is focused on securing more banking partnerships and staying in the US, according to Raagulan Pathy, the firm's APAC vice president. Speaking to Cointelegraph, Pathy said Circle had no plans to move its reserves, despite the depegging of its stablecoin USDC due to the collapse of Silicon Valley Bank (SVB) on March 10. After the SVB crash, Circle announced a new banking partnership with Cross River and an expansion of its ties with BNY Mellon. Pathy said Circle currently holds 80% of its reserves and treasuries and wants to move all its cash via payment rails to the Fed. He praised Singapore's "measured approach towards regulation" and said Circle was on a "globalisation path."
(By SAVANNAH FORTIS)
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