Jeremy Allaire, CEO and co-founder of Circle, on Sunday thanked the U.S. government and financial regulators for their decisive action to address the risks associated with the fractional banking system. 

On Sunday, Allaire applauded the U.S. government and the Federal Reserve for taking action and making a $25 billion funding program available to help banks facing liquidity issues such as Silicon Valley Bank (NASDAQ:SIVB). 

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The weekend saw the price of USDC drop as low as $0.87, as concerns mounted over the $3.3 billion worth of USDC reserves being held at SVB.

Circle announced that due to the implosion of crypto-friendly Signature Bank (NASDAQ:SBNY), they are no longer able to process USDC minting and redemption through SigNet. The firm said it will have to temporarily rely on settlements through BNY Mellon as an alternative solution.

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) jumped 8.25% and 8.43%, respectively, in the past 24 hours, trading at $22,308 and $1,600.

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