NEW: Circle will no longer mint USDC through Signature Bank after its shutdown, CEO Jeremy Allaire said Sunday. The bank failure complicates USDC’s ongoing recovery process after losing its peg Friday. realDannyNelson reports
that this meant the company could no longer mint or redeem USDC through Signature’s Signet product.
When contacted Sunday, officials staffing Signet said they were in the dark on what would happen to Signet but expected to learn more information soon.that the company would be “bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow.” USDC lost its peg to the U.S. dollar on Friday, hours after SVB entered FDIC receivership, amid uncertainty about how much of its funds were actually held in the bank. Circle eventually said it held $3.3 billion, or about 8% of the funds backing USDC, were held at SVB.
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