Circle CEO announced that they are trying to bail out funds in troubled banks.
Circle CEO Jeremy Allaire said there was $3.3 billion on the way from Silicon Valley Bank, which closed last week, to BNY Mellon.
Circle CEO: We Are Trying To Save Our Funds In The Banks
Jeremy Allaire, CEO of Circle, the company behind USDC, said the company is trying to save its funds in banks. The executive spoke during an interview on the Bankless podcast where Circle talked about how Silicon Valley Bank and Signature Bank got through the recent turmoil.
Circle CEO Jeremy Allaire said he does not believe any narrative that suggests the traditional banking system should be protected from crypto. Instead, he believes the opposite is true. In an interview with the hosts of the Bankless podcast, Allaire said:
“Everyone is talking about how we should bail out banks from crypto, and we are already trying to bail out crypto from banks.”
The scrutiny of how traditional banks manage the deposits they hold on behalf of crypto companies has intensified in recent days after major financial institutions such as Silvergate, Silicon Valley Bank and Signature Bank shut down. Allaire said Circle is currently in the process of moving $3.3 billion from Silicon Valley Bank to BNY Mellon.
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