A few days after the U.S. federal government stepped in to protect depositors of the now-defunct Silicon Valley Bank, Circle CEO Jeremy Allaire said in an interview with CNBC that although USDC has regained its anchor, banking system risks have not completely disappeared. He explained that U.S. financial The risks of broader impacts to the system appear to be systemic, and I don't think those risks have fully dissipated at this point. Circle will protect itself by reducing deposits in the bank. From a Circle perspective, the main precaution is for us to ensure that we are exposed to as little as possible the risks inherent in a fractional reserve banking system.