Circle CEO Jeremy Allaire tweeted that deposits at Silicon Valley Bank (SVB) are 100% safe, and USDC liquidity operations will resume when the bank opens Monday morning. The USDC reserve is also 100% safe and secure, and Circle will transfer the remaining SVB cash to BNY Mellon. In addition, after the closure of Signature Bank, it will not be able to process the minting and redemption of USDC through SigNet, and Circle will rely on Bank of New York Mellon for settlement. In addition, Circle will introduce a new transaction bank partner with automatic minting and redemption functions as soon as tomorrow, dedicated to establishing a robust and automated USDC settlement and reserve operation with the highest quality and transparency.