Circle CEO: USDC to Resume Liquidity Operations on Monday and Maintain 1:1 Value With US Dollar
Circle affirmed that it would utilize its corporate resources to compensate for any shortage in case SVB fails to return the entire $3.3 billion cash reserves.
Bank of England Shuts Down Silicon Valley Bank's UK Branch After US Regulators Close Parent Company
After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures.
United States Lawmakers Call for Accountability From Crypto Auditors
U.S. Senators Elizabeth Warren and Ron Wyden are calling for more accountability from crypto auditors. The lawmakers are alleging that the sham audits by crypto auditors are responsible for the ongoing turmoil.
Circle’s USDC Redemptions Reaches $2.5 Billion in 24Hrs, Exchange Inflow $7B
Stablecoin issuer Circle’s USD Coin (USDC) redemptions reach over $2.5 billion in the last 24 hours. Investors move away from USDC stablecoin as Silicon Valley Bank (SVB), one of the six banking partners that managed 25% of reserves, was closed by a U.S. regulator and transferred to the U.S. FDIC to protect depositors.
Long Queues Seen at Silicon Valley Bank-Owned Boston Private
Long queues have been observed at Boston Private, a banking service provider, that was recently acquired by Silicon Valley Bank (SVB).
Bank of London Weighs Rescue Bid for UK Arm of Silicon Valley Bank
A new clearing bank which launched just two years ago is among the suitors this weekend weighing bids to salvage the British arm of Silicon Valley Bank (SVB).
Robert Kiyosaki Warns 3rd U.S. Bank To Crash, Peter Schiff Says ‘Bigger Collapse’ Ahead
The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days.
U.S. Lawmakers Met With Fed, FDIC to Discuss Collapse of Silicon Valley Bank: Source
U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corp. on Friday to discuss the collapse of Silicon Valley Bank (SVB).
USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses
Stablecoins derive their value from those reserves; if one is worth more than $43 billion – as USDC was earlier on Friday – there should be roughly that much cash or cash-like fixed-income instruments stashed somewhere backing that up. USDC's market capitalization has now slumped below $40 billion.
Gemini: We Do Not Have Any Banking Relationship With Silicon Valley Bank
This includes all Gemini products and services, including the Gemini dollar (GUSD).
