USDC’S Reserves Are Safe. Circle CEO Jeremy Allaire Will Transfer Cash and Other Assets From SVB To BNY Mellon

USDC announces $3.3 billion of USDC reserve risk removed, dollar de-peg closes following that US government will bailout Silicon Valley Bank and Signature Bank. USDC’s reserves get back to 100 percent. Circle CEO Jeremy Allaire chooses Bank of New York Mellon as a custodian for USDC’s reserves. Circle announced that on March 13, 2023, it will transfer $3.3 billion worth of cash from Silicon Valley Bank to Bank of New York Mellom. USDC price went down 12% at the time Silicon Valley Bank encountered with bank run. Cryptocurrency market price back to normal condition.

Chart shows USDC price gets back to 1 dollar.