- CEO Jeremy Aller shared details of the company’s crisis plan
- They had a scheme of action for different scenarios
- And they were ready even for a complete freeze of the deposit
Circle has regained access to its deposits at a failed bank. About it informed CEO Jeremy Aller in an interview with CNBC.
The executive shared details about what went on behind the scenes at Circle after the collapse of SVB. It turns out that the USDC issuer invested $3.3 billion in the bank so that the institution would back their stablecoin.
Aller said that in recent days they had a lot of talks with their partners, who were also worried about the risks.
“We took a lot of precautions at the end of last week”
After the bankruptcy of Silicon Valley, management made several scenarios on how to get out of possible risks. One of the plans called for the company to act even if Silicon Valley refused to give access to the company’s deposit.
Aller also emphasized that in all scenarios, the risk of a USDC collapse was minimal:
“I believe we have the safest digital dollar on the internet”
He separately emphasized that the company was able to withdraw its deposit on Monday, immediately after the closure of Silicon Valley. This is a strong argument that Circle is in a strong position.
Meanwhile, the crisis in the traditional banking system has become a bullish momentum for cryptocurrencies. Bitcoin is preparing to storm the $25,000 mark again. But today the market is waiting for a new test, because the US will announce fresh inflation data.
