Circle Moved Small Percentage of USDC Reserve Deposits on Silvergate to Other Banking Partners
Circle says the winding down of exposure to Silvergate began last year, as indications of trouble and greater risk exposure in the crypto asset industry became more evident.
Cointime News Wrapup-Afternoon Version: U.S. Lawmakers Say SEC Directive May Bring “Greater Risk of Loss”
Afternoon version
Circle Joins Crypto.com, Coinbase in Cutting Ties with Embattled Crypto Bank Silvergate
USDC stablecoin issuer Circle Internet Financial said on Twitter Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate Capital Corp., adding itself to the growing list of companies distancing themselves from the financially troubled U.S. bank. Silvergate said in a filing Wednesday that it is not able to meet the March 16 deadline to file its annual 10-K report, which shows the financial performance of a publicly traded company, to the U.S. Securities and Exchange Commission, due to business and regulatory challenges. (forkast)
Coinbase Lists Circle’s Euro Stablecoin, EUROC
Coinbase has listed Euro Coin (EUROC), according to an announcement from the company on Feb. 28.
Citizens Trust Bank to Hold $65 Million in USDC Reserves as Circle Expands Bank Partnerships
On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United States.
FDIC-Insured Citizens Trust Bank To Hold $65M in USDC Reserves
Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area.
Circle (USDC) CEO Talks ‘Anxiety’ About US Crypto Regulation
Despite increasing regulatory pressure around crypto market, the US administration is far from providing a clear and distinct view. This is amid an increasing interest from new entrants into the cryptocurrency ecosystem, not just in US but globally. This is leading to fear and uncertainty among the country’s leading crypto players, who fear the US is risking the possibility of missing the bus to become a top crypto hub. However, unlike its supremacy in the world of financial markets, the decentralized nature of cryptocurrencies lays path for smoother adoption in other countries.
Circle Has Announced That Citizens Trust Bank Will Hold $65 Million in USDC Cash Reserves
Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC), has announced that Citizens Trust Bank will hold $65 million in USDC cash reserves.
SEC is Not the Appropriate Regulator for Stablecoins: Circle CEO
The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos. Allaire appears to have taken issue with the SEC's focus on stablecoins, arguing that dollar-pegged “payment stablecoins” should be under the oversight of a banking regulator, rather than the SEC. (Cointelegraph)
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