Odaily Planet Daily News Stablecoin issuer Circle issued a statement saying that the previous joint statement of US regulators stated that all depositors of Silicon Valley Bank and Signature Bank will be fully compensated. Silicon Valley Bank's $3.3 billion USDC reserve deposits, accounting for about 8% of the total USDC reserves, will be fully available when US banks open for business on Monday morning. No USDC cash reserves are deposited at Signature Bank. As a regulated payment token, USDC can still be exchanged 1:1 with the US dollar. As part of its commitment to expand bank partnerships, Circle also announced that it will provide customers with automated USDC minting and redemption through Cross River Bank, effective March 13. The expanded relationship also includes USDC redemption operations through Bank of New York Mellon. According to reports this morning, Circle CEO Jeremy Allaire tweeted that due to the joint protection actions taken by US regulators, Circle's deposit confirmation at Silicon Valley Bank (SVB) will be 100% safe, so 100% of the USDC reserves are also safe and secure, and Circle will transfer the remaining SVB deposits to Bank of New York Mellon (BNY Mellon). USDC liquidity operations will resume after banks open on Monday morning. In addition, because Signature Bank is closed, Circle will not be able to process minting and redemption through SigNet, so it will rely on settlement at Bank of New York Mellon. Circle will introduce a new transaction bank partner with automatic minting and redemption capabilities as early as Monday, committed to establishing robust and automated USDC settlement and reserve operations with the highest quality and transparency.