Circle, the issuer of the USDC stablecoin, has secured a replacement for Signature Bank’s Signet platform, according to CEO Jeremy Allair.
The service was used by USDC holders to transfer funds between fiat currencies and cryptocurrencies around the clock.
However, it was closed in mid-March due to regulatory concerns following the collapse of Silicon Valley Bank (SVB).
Circle will now use Tassat’s Customers Bank Instant Token (CBIT) platform, which Allair says provides the same level of instant settlement as Signet.
He hopes that this move will enable USDC users to operate outside of traditional banking systems and remain independent of bank schedules.
Meanwhile, Circle is also seeking global banking partners, as banking crises and regulatory issues in the US have contributed to the decline in USDC’s market capitalization.
Despite this, USDC remains the second-largest stablecoin by market capitalization, after Tether (USDT).
Its total value peaked at $56 billion in the summer of 2022, but has since halved to around $30.7 billion as of April 26, 2023.