Tag: Bank

Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB). Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was able to clear” from the failed lender. USD Coin (USDC) — the stablecoin issued by Circle — briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on SVB. The stablecoin’s dollar…

Circle ‘able to access’ $3.3B of USDC reserves at Silicon Valley Bank, CEO says

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Circle CEO and co-founder Jeremy Allaire says that since March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank. Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was able to clear” from the failed lender. USD Coin (USDC) — the stablecoin issued by Circle — briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on SVB. The stablecoin’s dollar peg has…

Signature Bank Closure Has Nothing to Do With Crypto, Says Regulator – Finance Bitcoin News

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The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the current status of the bank and its ability to do business in a safe and sound manner.” ‘Nothing to Do With Crypto’ After the New York State Department of Financial Services (NYDFS) took possession of Signature Bank on Sunday, there…

Signature Bank Shutdown Caused by ‘Crisis of Confidence’ in Leadership, NYDFS Says

“The decisions made over the weekend were not crypto related,” the spokesperson said. “Signature was a traditional commercial bank with a wide range of activities and customers, including small businesses like food vendors at Hunt’s Point, residential mortgage banking, commercial real estate, to name a few. DFS has been facilitating well-regulated crypto activities for several years, and is a national model for regulating the space.” Source

National Australia Bank made first-ever cross-border stablecoin transaction

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National Australia Bank (NAB) announced March 14 that it had executed the first-ever cross-border stablecoin transfer on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin tied to the Australian dollar (AUD).  The transaction was conducted on the Ethereum blockchain and used smart contracts for seven currencies, according to a statement released by the bank. Those currencies were Australian, New Zealand, Singapore and United States dollars, as well as euros, Japanese yen and British pounds, according to a statement released by Fireblocks. The stablecoins…

National Australia Bank makes first-ever cross-border stablecoin transaction

National Australia Bank (NAB) says it has executed the first-ever cross-border stablecoin transfer by a major financial institution on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin, which is tied to the Australian dollar.  The transaction was conducted on the Ethereum blockchain and used smart contracts for seven currencies, according to a statement released on March 14 by the bank. Those currencies were Australian, New Zealand, Singapore and United States dollars, as well as euros, Japanese yen and British pounds, according to a statement…

US banking system outlook downgraded to ‘negative’ following recent bank failures

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Credit rating agency Moody’s has recently downgraded its outlook on the entire United States banking system from “stable” to “negative.” The move comes in light of the recent failures of Silicon Valley Bank, Silvergate Bank and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors and institutions.  Despite the downgrade, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund rising nearly 6.5% in morning trade, NBC News reported. Moody’s reportedly noted that an extended period of low rates combined with pandemic-related fiscal and monetary…

Signature Bank regulator says it was closed for not providing data: Report

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The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank Board Member Barney Frank had previously accused the regulatory agency of shutting it down merely to “send a very strong anti-crypto message.” According to the report, an NYDFS spokesperson said that the shutdown had “nothing to do with crypto.” Instead, there was “a significant crisis of confidence in the…

Signature Bank and former executives sued by shareholders for alleged fraud

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On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported.  Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator. The lawsuit seeks unspecified damages for shareholders who held stock between March 2 and 12, 2023. The lawsuit was filed in federal court in…

Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders – Bitcoin News

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The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are investigating the collapse of Silicon Valley Bank. Report Says Investigations Into Silicon Valley Bank’s Collapse Include Stock Sales by Senior Executives SVB Financial Group, the parent company of…