In the wake of Silicon Valley Bank's downfall, Stablecoin issuer Circle has strategically partnered with Cross River Bank to ensure the continued stability of USDC. Circle has moved ahead decisively, choosing Cross River as a new partner after regulators shut down Silicon Valley Bank and Signature. This critical partnership ensures that USDC maintains its vital 1:1 peg to the US dollar.

Circle has revealed that Cross River Bank, a trusted banking institution that provides services to fintech companies and widely recognized for its services to fintech and crypto firms like Visa and Coinbase, is now its new commercial banking partner. Cross River Bank – a venture capital-backed, FDIC-insured regional bank in New Jersey that’s part financial institution and part fintech – has seen an increased profile in the crypto space since the crisis.

Circle, the stablecoin issuer behind USD Coin, has partnered with Cross River Bank for redeeming and minting USD Coin following the collapse of its previous banking partner, Silicon Valley. This move reinforces Circle's commitment to providing a reliable and secure stablecoin in the evolving financial landscape.