Stablecoins are a critical countermeasure to Operation Chokepoint
Stablecoins could help crypto firms to remove themselves from the banking system — and prevent the U.S. government from cutting off their financial lifelines.
Category Archives: silicon valley bank
US regional bank shares sink despite Fed calling banking system ‘sound’
PacWest Bancorp was the hardest hit bank after-hours on Wednesday, falling over 50% following a reported plan to explore strategic options.
US Treasury seeks to tighten nonbank rules following banking crisis
Janet Yellen called for further regulation of nonbank institutions claiming they pose a systemic risk to U.S. financial stability.
Tether market cap eyes record high after regaining 65% stablecoin dominance
The market capitalization of Tether is nearly a billion dollar away from reaching a new lifetime peak while rival stablecoins struggle.
Hong Kong virtual bank to offer crypto conversions and accounts: Report
The account services for crypto firms come at a time when United States-based companies are struggling to find local banking partners and are frequently looking abroad.
Circle and BlockFi questioned on banking with SVB by Warren and AOC
Circle and BlockFi executives were questioned after the lawmakers accused SVB of “coddling” and giving “white glove” treatment to its largest depositors.
Tether supply hits $80B for the first time since May 2022 — stablecoin rivals stumble
Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins.
Breaking: First Citizens snaps up Silicon Valley Bank — Branches open Monday
The deal was announced on March 26 by the Federal Deposit Insurance Corporation (FDIC).
US explores additional bank support favoring First Republic’s benefit: Report
Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.
‘How did this happen’ — Powell says Fed stumped over the collapse of SVB
In a post-FOMC meeting on March 22, the chairman of the Federal Reserve said his “only interest is that we identify what went wrong here.”
