Tether CTO Paolo Ardoino, in response to the article, said the company has no exposure to Signature Bank. Source
Stablecoin Issuer Tether Was Client of Signature Bank to Serve U.S. Customers: Bloomberg
Tag: Bank
Brazil bank BTG Pactual to issue USD-pegged stablecoin
Major Brazilian investment bank BTG Pactual continues onboarding new cryptocurrency services with the launch of its own stablecoin backed by the U.S. dollar. BTG Pactual is preparing to launch the BTG Dol, a new stablecoin pegged to the U.S. dollar on a 1:1 ratio, using the bank’s custody services. Announcing the news on April 4, BTG Pactual said that the stablecoin would enable holders to “dollarize” a part of their equity, and help customers interact between the traditional financial system and the new digital economy. “We are innovating in using…
Liechtenstein’s VP Bank taps Metaco to expand custody and tokenization services
VP Bank, one of the largest banks in Liechtenstein, partnered with will consolidate its digital asset infrastructure provider Metaco to consolidate its digital asset custody and tokenization operations. According to an announcement, VP bank will use Metaco’s Harmonize platform to expand its services and enable support for tokenized asset minting, burning and storage. Marcel Fleisch, the chief product officer at VP Bank, said in the announcement that their company is rethinking wealth management using a combination of traditional banking and digital ecosystems. Fleisch highlighted that this creates new opportunities and…
Digital Asset Tech Provider Metaco Secures Partnership With Liechtenstein Private Bank
VP Bank has tapped Metaco for its Harmonize platform, which it will use to expand its digital asset custody and tokenization services. The lender commenced its digital asset strategy in 2021, envisioning tokenization and custody of physical assets like jewels or paintings. Now it wishes to expand into supporting tokenized financial assets, as well as minting, burning and storing tokens. Source
Regulators Should Heed Crypto Risks When Innovating Regulation, Says Chinese Central Bank Official – Regulation Bitcoin News
A senior People’s Bank of China (PBOC) official has urged regulators to consider cryptocurrency risks and fraud that could lead to bank failures when innovating regulation. The Chinese official highlighted the recent collapse of U.S. banks that provided services to crypto customers as an example. “The regulation philosophy, technology, and capability must be upgraded to ensure financial innovation won’t come at the cost of financial stability,” he stressed. Chinese Central Banker on Crypto Risks and Bank Failures Xuan Changneng, a deputy governor at the People’s Bank of China (PBOC), the…
American Bank Runs Pull Bitcoin Liquidity to 10-Month Low
As the growing liquidity strain in the price of Bitcoin is a major concern, American banks are likely to start exploring new avenues to rebuild that part of the industry. The recent bank runs of American banks as recorded in March have fueled a massive pulldown on the liquidity base of Bitcoin (BTC), the world’s largest digital currency by market capitalization. As reported by CoinTelegraph citing data from crypto analytics provider, Kaiko, the drained liquidity in the market has hit a 10-month low despite the bullish price outlook of Bitcoin…
Bitcoin liquidity drops to 10-month low amid US bank run
Bitcoin (BTC) market liquidity has dropped to a 10-month low, despite a bullish quarter in terms of price gain. The liquidity dry-up is partly attributed to the bank run in the United States and the ongoing regulatory actions against crypto companies. The liquidity situation in crypto is worsening after the banking fears this month I dived into several liquidity metrics to give an update on all things crypto liquidity First, $BTC liquidity has dropped to 10 month lows as market makers lose access to USD payment rails pic.twitter.com/RwcBEJ8y5Z — Conor…
Household Crypto Holdings Included in Bank of Russia’s Consumer Finance Survey – Finance Bitcoin News
The Central Bank of Russia has added crypto asset holdings of households to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds. Russia’s Central Bank Evaluates Cryptocurrency Holdings of Russian Households The Central Bank of the Russian Federation (CBR) has published estimates about the digital assets held by the population in the newest edition of its report on household finances. The survey is conducted once every two years since 2013 and the latest results…
Stress test? What Biden’s bank bailout means for stablecoins
The collapse of Silicon Valley Bank (SVB), which suffered a bank run after revealing a hole in its finances over the sale of part of its inflation-hit bond portfolio, led to a depegging event for major stablecoins in the crypto sector, leaving many to wonder whether it was a simple stress test or a sign of weakness in the system. The second-largest stablecoin by market capitalization, the Centre Consortium’s USD Coin (USDC), saw its value plunge to $0.87 after it was revealed that $3.3 billion of its over $40 billion…
James Corbett Explains How Bank Crisis Could Lead to CBDC ‘Nightmare of Total Monetary Control’ – Interview Bitcoin News
Investigative journalist James Corbett has recently referred to the ongoing global banking crisis involving SVB, Signature Bank, Credit Suisse and others as the “Panic of 2023,” drawing comparisons to what he views as historical precedents, and pointing ahead to an inevitable and bleak, technocratic surveillance future leveraging central bank digital currencies (CBDCs) should nothing be done to stop it. The answer to the CBDC “total nightmare of monetary control,” as Corbett puts it, is cash, creativity, and to “choose to inform ourselves about agorism and the countereconomy.” James Corbett on…