Circle Partners with Cross River Bank for USDC Production and Redemption

Circle has partnered with Cross River Bank for USDC production and redemption, as well as expanded relationships with other banking partners like BNY Mellon. The USDC stablecoin recently experienced a peg-breaking incident but has since recovered. (Read More)

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Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits

Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for [...]

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Circle CEO New Transaction Banking Partner For USDC Minting & Redemption

In a recent update on the USDC thread, Jeremy Allaire, the Co-founder, and CEO of Circle, announced that they will be bringing on a new transaction banking partner with automated minting and redemption as soon as possible. This announcement comes after the closure of Signature Bank, which means that Circle will not be able to […]

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Report: Binance US Struggles to Secure Banking Partner Amid Regulatory Crackdown on Crypto Industry

Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners in the United States. According to a recent report citing “sources familiar with the matter,” Binance US, the American subsidiary of the cryptocurrency exchange, is having difficulty finding a U.S. banking partner. Unnamed Sources Say [...]

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FDIC Orders Self-Correction from Cross River Bank

The FDIC has asked Cross River Bank to correct and address issues in its lending activities. A consent order executed in March alleged that the bank had engaged in "unsafe" banking practices regarding compliance with fair lending laws and regulations in 2021. (Read More)

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