Circle CEO Jeremy Allaire isn’t buying any narratives which suggests the traditional banking system needs to be protected from crypto. Instead, he believes the opposite to be true.
"Everybody's talking about how we need to save the banks from crypto and right now we're trying to save crypto from the banks," said Allaire during an interview with the hosts of the Bankless podcast.
The scrutiny of how traditional banks manage deposits they hold on behalf of crypto companies has intensified in recent days after a run of prominent financial institutions like Silvergate, Silicon Valley Bank and Signature Bank all shuttered.
Circle is currently in the process of moving $3.3 billion from Silicon Valley Bank to BNY Mellon, said Allaire.
“We’ve got $3.3 billion in transit and we can see in the fed wire system that the receiving bank is acknowledging ‘yes, this is incoming,’” said Allaire. “It hasn’t settled on the fed wire ledger.”
Circle operates the USDC stablecoin, which depegged on news that the company had money held at Silicon Valley Bank.
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