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Circle CEO: $3.3 Billion stuck at SVB may be recoverable

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Jeremy Allaire, the co-founder and CEO of Circle, recently appeared in an interview with Bloomberg . The executive addressed the recent turmoil in the banking industry and its impact on USD Coin.

Allaire shared his thoughts on the likelihood of recovering the billions of dollars stuck at the recently-closed Silicon Valley Bank.

In the interview, the Circle executive pointed out the changing circumstances in the crypto-industry. According to Allaire, the sentiment that the traditional banking system needs to be protected from exposure to crypto-assets is no longer valid.

He believes that recent developments have proved that the tables have turned and its crypto-entities that need to be protected from the failures of traditional banks.

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