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Circle CEO: US Government Took Right Path to Protect Financial System

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The CEO of Circle, Jeremy Allaire, elaborates on the measures the company planned to implement in the absence of government intervention to safeguard depositors at Silicon Valley Bank, during an interview with CNBC.

Circle had parked its USD Coin stablecoin, which was supported by $3.3 billion in cash, with SVB.

According to Allaire, Circle would have implemented "precautionary measures" such as using its corporate balance sheet and external funds if the U.S. government did not intervene with Silicon Valley Bank. However, the company is currently relieved that it did not need to take such actions since it is confident in its funds. 

When asked about "how angry is he at SVB when they couldn't get their maturity profile right",  Allaire said he would not express anger towards Silicon Valley Bank's actions since the escalating dollar interest rates are the primary cause of these issues.

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