The full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank. Circle also keeps some part of USDC reserves in a dedicated Blackrock fund. Source
Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as the day’s trading sessions on Wall Street began. Piper Sandler and Wells Fargo Analysts Suggest Signature Bank May Be a Buy Crypto markets experienced a tumultuous week following the disclosure on March 8, 2023, of…
Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies. In a March 9 notice to South Dakota house speaker Hugh Bartels, Noem said she had vetoed House Bill 1193, which proposed amending the state’s Uniform Commercial Code, or UCC, to specifically exclude cryptocurrencies and other digital assets — with the possible exception of central bank digital currencies, or CBDCs. According to the governor, passage of the bill would put South Dakota residents “at a business…
The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S. Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly bank had suffered 1$ billion worth of losses in the last quarter of 2022 as a direct consequence of the collapse of crypto exchange FTX, one of Silvergate’s main clients. Silvergate was one of the very few regulated financial…
Gate.io, one of the leading cryptocurrency exchanges supporting over 1,400 coins and stablecoins, will list Mintlayer’s ML token from Mar. 21, 2023. Mintlayer is a layer-2 solution that opens Bitcoin to decentralized finance (DeFi) and more. Users can autonomously swap bitcoin (BTC), through automatic swaps, for other tokens minted on the platform. Gate.io to list ML The ML token is for staking, governance, and powering the protocol’s ecosystem tools. Besides, the token is used for paying network fees. Projects wishing to issue tokens on the layer-2 platform must also pay…
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Nigeria is one of the countries where cryptocurrency adoption is on the rise. In recent years, the country has seen a surge in crypto trading and the use of cryptocurrencies for cross-border payments, remittances, and e-commerce. However, the lack of clear regulations and guidelines for the use of cryptocurrencies has been a hindrance to the growth of the sector. To address this issue, Bola Tinubu, the Nigerian President-elect, has released a manifesto that includes proposals for the use of blockchain technology and cryptocurrencies in Nigeria’s banking and finance sector. The…
Four United States Republican senators led by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies, questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators’ policies to the Obama administration’s Operation Choke Point. The senators addressed Federal Reserve Board Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Chair Marty Gruenberg and Office of the Comptroller of the Currency (OCC) Acting Comptroller Michael Hsu. The March 9 letter said that their agencies, along with the White House, have issued…
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for Depositors With Accounts Exceeding $250K On Friday, U.S. regulators closed Silicon Valley Bank (SVB) following a significant drop in the firm’s stock value and reports of a bank run on deposits. SVB’s shares were halted…
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