Crypto Shaken as SVB Risk Depegs Second-Largest Stablecoin
The fallout from the failure of Silicon Valley Bank reached further into crypto, unhinging a key cog in the market that’s meant to be among the safest digital assets in the space. The second-largest stablecoin, USD Coin traded as low as 81.5 cents as investors digested the exposure of its issuer Circle Internet Financial Ltd. to Silicon Valley Bank, which had just collapsed in one of the largest failures in US banking history.
Blindsided by SVB, Credit Traders Are Rushing Toward Safety
The rapid failure of Silicon Valley Bank is threatening to upend a rebound in credit markets that had been luring investors back to even some of the riskiest corporate borrowers.
SVB’s New Owner, the FDIC, Gives Workers 45 Days of Employment
The Federal Deposit Insurance Corporation added a few new employees to its payroll late Friday, taking on workers from shuttered Silicon Valley Bank, at least for a few weeks, as it serves as receiver of the collapsed lending institution.
FDIC Races to Return Some Uninsured SVB Deposits Monday
US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday, according to people with knowledge of the situation.
SVB Securities Management Exploring Buying Firm Back
The managers of Silicon Valley Bank’s investment banking arm are exploring ways to buy the firm back from its parent, according to people familiar with the matter.
SVB Draws Support From More Than 100 Venture Firms, Investors
More than 100 venture capital and investing firms have signed a statement supporting Silicon Valley Bank, part of mounting industry calls to limit the fallout of the bank’s collapse and avoid a possible “extinction-level event” for tech companies.
Bank of England to Place SVB UK Branch Into Bank Insolvency Procedure
Under the Bank Insolvency Procedure, bank liquidators will manage SVBUK's other assets and liabilities, with recoveries distributed to its creditors.
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.
Cryptocurrency Exchange Bybit Does Not Have Any Exposures to Either Silvergate or SVB
Bybit or client fund does not have any exposures to either Silvergate or SVB. Please be reassured, business as usual.
