Circle: An automatic settlement agreement has been reached with the new partner Cross River Bank

ChainCatcher news, USDC stablecoin issuer Circle announced that the operation of USDC will establish a new settlement agreement through Cross River Bank, providing customers with automatic USDC minting and redemption, effective from March 13, 2023.

Previous report indicated that due to the closure of Signature Bank, Circle would not be able to process minting and redemption through SigNet, and would therefore rely on the settlement with Bank of New York Mellon. Circle will introduce a new banking partner with automatic minting and redemption capabilities. Additionally, USDC liquidity operations will resume tomorrow morning when the bank opens. (Source link)