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Circle Taps Cross River As Banking Partner, Expands Ties With BNY

Circle has revealed that Cross River Bank, a bank recognized for its services to fintech firms like Visa and Coinbase, is now its new commercial banking partner for the production and redemption of USD Coin (USDC) stablecoins.

In addition, Circle has established "expanded relationships" with other banking partners to assist with USDC redemption, including Bank of New York Mellon (BNY Mellon), which already provides custody services for Circle's reserves.

During the weekend, Circle put out a press release confirming that 100% of USDC reserves are safe and secure, and they will complete their transfer for the remaining Silicon Valley Bank (SVB) cash to BNY Mellon, and liquidity operations for USDC will resume at banking open today.

(By AMAKA NWAOKOCHA)

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