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Stablecoin Issuers Seek to Diversify Banking Partners in the Wake of Silicon Valley Bank’s Meltdown

The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners. 

Circle is in the process of establishing new banking relationships, according to sources. The stablecoin issuer also banks with BNYMellon and Citizens Trust Bank. 

Circle did not respond to several requests for comment on the extent of its exposure to SVB.

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