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” USDC depegged, but it’s not going to default “ Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley Bank (SVB). The market reacted violently, causing USDC to lose its dollar peg….
” US regulators shut down Signature Bank despite ‘no insolvency’: Report “ Barney Frank, a former member of the United States House of Representatives, has reportedly suggested that New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force. According to a March 13 CNBC report, Frank — also a…
” Shareholders file lawsuit against Silicon Valley Bank, alleging fraud: Report “ A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis. Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank, CEO…
” Silicon Valley Bank collapse: How SVB stock price performed in 5 years “ Silicon Valley Bank (SVB) has suffered a significant fall from grace following half a decade of being rated as one of the best banks in the United States. SVB and its parent company, SVB Financial Group, had been held in high…
” Binance CEO announces recovery funds conversion from BUSD to ‘native crypto’ “ The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark. Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ)…
” Breaking: Silicon Valley Bank UK arm acquired by HSBC for one pound “ Global banking giant HSBC Holdings is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition. HSBC officially announced on March 13 that its subsidiary HSBC UK Bank is acquiring Silicon Valley Bank UK…
” Ripple CEO assures ‘strong financial position’ despite SVB collapse “ Ripple CEO Brad Garlinghouse took to Twitter on Mar. 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple’s stability. Ripple had exposure to SVB, Garlinghouse said, but “we expect NO disruption to our day-to-day business, and…
” Silicon Valley Bank collapse: Everything that’s happened until now “ The sudden collapse of Silicon Valley Bank (SBV) has quickly unfolded over the course of three days, depegging stablecoins, leading regulators in the United States and United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with…
” Bank of London bids to acquire Silicon Valley Bank’s UK arm “ Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank’s subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12. As per the statement, the purchase is an effort from…
” U.S. authorities preparing ‘material action’ to curb SVB contagion “ United States authorities are working on “material action” over the weekend in an attempt to limit the ripple effect across the country’s banking system after the Silicon Valley Bank abruptly collapsed on March 10. According to a Reuters report citing unnamed sources, officials in…