SVB collapse: Circle says USDC liquidity operations to resume Monday
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March 11 (Reuters) – U.S. cryptocurrency firm Circle which has $3.3 billion of its USD Coin reserves at the collapsed lender Silicon Valley Bank said USDC liquidity operations will resume as normal when banks open on Monday morning in the United States.
“As a regulated payment token, USDC will remain redeemable 1 for 1 with the U.S. Dollar,” the company said in a blog post.
The cryptocurrency firm said that in the event SVB does not return 100% of deposits, it will cover any shortfall using corporate resources, involving external capital if necessary. (Reporting by Akanksha Khushi in Bengaluru; editing by Grant McCool)