Circle CEO Jeremy Allaire has stated that his firm may be able to recover all of the $3.3 billion stuck at Silicon Valley Bank. In case the recovery is delayed, Circle will back USDC using external capital if necessary, he added.
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The turmoil induced by the fall of Silicon Valley Bank has led to USDC losing its dollar peg. The stablecoin fell as low as $0.87 earlier today as holders flocked to other crypto assets.
Silicon Valley Bank has been shut down by the California Department of Financial Protection and Innovation due to inadequate liquidity and insolvency. The bank's shares were halted earlier today after a 66% slump in premarket trading.
Blockchain.com is shutting down its crypto asset management division, BCAM, just 11 months after it was launched. The prolonged crypto winter forced the crypto exchange to take this decision.
Summary: Judge Michael Wiles approved Voyager’s sale to Binance.US for $1.02 billion 24 hours before the government’s appeal. The Trustee’s office of the U.S. Justice Department filed an appeal against the deal late on Thursday. So far, Binance’s acquisition of the crypto lender has faced stiff opposition from the DoJ...
SWIFT is set to go ahead with the second phase of its CBDC testing after seeing positive results in a test run that saw participation from the Monetary Authority of Singapore, Standard Chartered, etc.
Marc Zeller’s proposal to offboard Binance USD (BUSD) stablecoin from Aava’s V2 lending and borrowing market on Ethereum garnered massive support from the Aave community. The action plan aims to “reduce the amount of liquidity in BUSD” and incentivize users to leverage other stablecoin tokens on Aave. Zeller’s submitted the...
FTX has reached a deal with Abu Dhabi's investment arm to sell its stake in Sequoia Capital for $45 million. The deal is subject to approval from the bankruptcy court of Delaware.
Creditors of Mt. Gox have to wait a few days extra to receive their repayments after another deadline extension.
The share price of Silvergate Capital (SI) slumped more than 11% today as the crypto bank discussed ways to avert a collapse, with officials from the U.S. FDIC.
Summary: JP Morgan will no longer offer banking services to crypto exchange Gemini, CoinDesk reported citing sources familiar with the matter. The bank’s decision to cut ties with a crypto business is the latest in the so-called exodus of partnerships between crypto companies and their banking partners. Coinbase, another JP...
Stargate Finance's native token STG tanked more than 9% today after Coinbase announced that it would delist it on 14 March 2023.