Jeremy AllaireCEO and co-founder of Circlethanked the US government and financial regulators on Sunday for their decisive action to address the risks associated with the sub-banking system.

What happened: circle USD coin USDC/USD climbs back to its $1 peg after CEO Allaire confirmed its “USD reserves remain secure” and the company has a new banking partner Cross River Bank CSRVF. “Extended relationships also include USDC withdrawals via BNY Mellon BK‘ Circle said in a blog post.

On Sunday, Allaire applauded the US government and the federal reserve to take action and provide a $25 billion funding program to help banks with liquidity problems such as Silicon Valley Bank SIVB.

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Over the weekend, USDC price fell as low as $0.87 as concerns mounted over the $3.3 billion worth of USDC reserves held at SVB.

Circle announced this due to the implosion of crypto-friendly signature bank SBNY, they are no longer able to process USDC minting and redemption via Signet. The company said it will temporarily have to rely on settlements through BNY Mellon as an alternative solution.

Bitcoin BTC/USD And ether ETH/USD up 8.25% and 8.43% in the last 24 hours to trade at $22,308 and $1,600 respectively.

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