SVB Financial News

Billionaire investor Bill Ackman said the U.S. government's action to protect depositors after the implosion of Silicon Valley Bank is «not a bailout» and helps restore confidence in the banking system.

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Circle’s stablecoin USD Coin (USDC) was regaining its $1 peg, at press time. This followed after CEO Jeremy Allaire confirmed that its reserves were secure and that the company had new banking partners lined up for banking beginning Monday morning.

Goldman Sachs no longer sees a case for the Federal Reserve to deliver a rate hike at its meeting next week, citing «recent stress» in the financial sector.

"Once a boom is well started, it cannot be arrested. It can only be collapsed."  - John Kenneth Galbraith

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While the future of Silicon Valley Bank (SVB) is still being decided, another crypto player has declared exposure to the failed bank. And, this time around the firm in the headlines is Ripple – a popular blockchain-based digital payment network. In a Twitter thread, CEO Brad Garlinghouse stated that the company had exposure to SBV.

Banking regulators devised a plan Sunday to shore up deposits at Silicon Valley Bank, a critical step in stemming a feared panic over the collapsed tech-focused institution.

The fall of SVB has brought a shockwave to many investors in the crypto community. While major firms and large stablecoin issuers faced the heat, the DEX sector of the crypto space, managed to see growth.

PNC Financial Group has decided against bidding on Silicon Valley Bank as regulators struggled to find a buyer for the failed bank's assets, according to a source familiar with the matter.

The Bank of London has made a formal bid for the UK operations of Silicon Valley Bank, as the government spends the weekend racing for buyers for the collapsed lender.

The Bank of London has made a formal bid for the UK operations of Silicon Valley Bank, as the government has spent the weekend trying to find buyers for the collapsed lender.

Tron founder and CEO Justin Sun is among the blockchain industry leading figures that have weighed in on SVB saga and USDC’s depeg.

On Sunday, Bitcoin and Ethereum  both saw a modest rise in value, with BTC surpassing $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February's labor statistics showing slower wage growth, may be responsible for this ongoing modest increase in crypto value.

Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News.

Silicon Valley Bank's customers, along with investors and bankers across the globe, are waiting for an announcement from U.S. regulators about what comes next after the largest bank failure since 2008.

The UK is racing ahead of the clock to salvage the British arm of the collapsed Silicon Valley Bank after it sent jitters through the startup scene of the country.

After regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working «to address the situation in a timely way,» but that a major government bailout is not on the table.

More than three hundred venture capital firms have signed a joint statement vowing to do business again with Silicon Valley Bank if it is «purchased and appropriately capitalized,» after the financial institution failed on Friday.

Over the last few days, there has been a lot of FUD surrounding Circle after the firm was impacted by the bank run on Silicon Valley Bank (SVB).

Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Traders have been on guard this week for signs of contagion in the financial sector and beyond from troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to wind down operations and voluntarily liquidate. Boston-based Circle said last week it had moved a «small percentage» of USDC reserve deposits held at Silvergate to its other banking partners.