The joint statement assured that all customer deposits in these banks will be honored by the federal government. The US Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced on Sunday that they will take “firm action”…
Circle’s stablecoin USD Coin (USDC) surged back to the $1 peg after confirmation from CEO Jeremy Allaire that its reserves are safe and that the company has a new banking partner lined up in “open banking tomorrow morning.” According to…
Ripple CEO Brad Garlinghouse took to Twitter on March 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and assured his followers of Ripple’s stability. Ripple has exposure to SVB, Garlinghouse said, but “we expect no disruption to…
United States authorities are working on “material action” over the weekend in an effort to limit the ripple effect on the country’s banking system after the sudden collapse of Silicon Valley Bank on March 10. According to a Reuters report…
Global clearing institution Bank of London has submitted a formal proposal to acquire the UK subsidiary of Silicon Valley Bank, according to a statement provided by Reuters on March 12. According to the statement, the purchase was an effort by…
Nonfungible tokens (NFTs) prove ownership by creating a unique digital certificate for a specific asset. A decentralized digital ledger that tracks all nonfungible token transactions and ownership changes is used to create each NFT. When created, an NFT has a…
The number of Shiba Inu tokens held by large investors, or “whales,” dropped sharply on March 11, the day of the long-awaited public beta launch of Shibarium, also known as PuppyNet. Finally, after much anticipation, the lead developer of Shiba…
A plan to save startups and tech companies affected by the collapse of Silicon Valley Bank is underway in the UK, according to several reports on March 12. Emergency plans will include a cash lifeline for some businesses. Prime Minister…
Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or basket of assets, usually a fiat currency such as the US dollar, euro or Japanese yen. Stablecoins are designed to offer a…
The USDC has been hit by a bearish wave after news of the collapse of Silicon Valley Bank on March 11. The circle of stablecoin issuers has announced that there are $3.3 billion in deposits with defunct banks, contributing to…