Circle CEO: Will protect himself by reducing bank balances
Bi123 News 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 returned to anchoring, the risks to the banking system have not completely disappeared. He explained: "The risks of broader impacts to the U.S. financial system appear to be systemic, and I don't think those risks have completely dissipated at this time. Circle will protect itself by reducing deposits in the bank, and from a Circle perspective the main precaution is to keep We ensure that we have as little exposure as possible to the risks inherent in a fractional-reserve banking system."
