Cross River Bank joins Circle as new partner for USDC stablecoin issuance.
Cross River Bank, a venture capital-backed, FDIC-insured regional bank in New Jersey, has partnered with USDC stablecoin issuer Circle for automated settlements. The partnership comes after the collapses of crypto-friendly Silvergate Bank, Silicon Valley Bank, and Signature Bank in under a week, increasing regulatory scrutiny of remaining crypto-friendly banks. Cross River Bank has grown to $9.9 billion in assets and has originated more than $100 billion in loans, according to its website. The bank provides financial infrastructure for the likes of Coinbase and Stripe and originates loans for fintechs such as buy now, pay later service Affirm.