SVB Financial News

Due to the recent events surrounding SVB and Circle, the stablecoin market witnessed a lot of volatility over the past few weeks. After the dust settled, Tether [USDT] emerged on top, when compared to other stablecoins.

Treasury Secretary Janet Yellen said Tuesday that the federal government could step in to protect depositors at additional banks if regulators see a risk of a run on the banking system. 

Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession.

Silicon Valley Bank on 10th March 2023, Bitcoin prices have zoomed nearly 40%. «The current BTC rally is driven by the importance of decentralised finance in the global financial system after a series of bank collapses in the US. Bitcoin being the torch bearer of decentralised finance is witnessing a demand from retail and institutional investors amidst the banking chaos as BTC is being deployed as a shield against the ongoing crisis,» Dhruvil Shah, SVP of technology at Liminal, said. Meanwhile, Edul Patel, CEO and Co-Founder of Mudrex, said, «The collapse of SVB and Silvergate was like a Cyprus moment for crypto. As these crypto-friendly banks collapsed, much money flowed directly into the cryptocurrency ecosystem. And a chunk of the smart money usually flows into blue-chip cryptocurrencies, such as Bitcoin and Ethereum.» «With instability in the banking sector, inflation data that exceeded expectations, and renewed optimism about a dovish Federal Reserve, Bitcoin has reached levels unseen in approximately nine months,» Edul added.

Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession.

Charles Hoskinson refuted the idea that cryptocurrency caused the banking crisis, calling digital assets the “escape valve.”

Treasury Secretary Janet Yellen is expected to tell a banking conference on Tuesday that the federal government could step in to protect depositors at additional banks if regulators see a risk of a run on the banking system. 

The collapse of Silicon Valley Bank was a «Lehman moment» for the technology industry, according to a top Goldman Sachs dealmaker.

While the money in SVB and the dollar peg were recovered, USDC's market cap took a hit and Circle is now reiterating its call for regulation that would make it a full reserve federally supervised institution.At a conference held at Warwick Business School, Circle’s Tarleton Watkins said that one long term option for retail stablecoins could involve a wholesale CBDC at the Fed as a backing instrument, but in the meantime holding dollar reserves with the Fed rather than various financial partners would be a logical step in light of SVB’s failure.Watkins told his audience: "In some ways, the events surrounding SVB act as a vindication of what we have been advocating for and that is a full Fed reserve model, where we could have access to risk-free cash."Although it is rare to have cascading bank failures, like in the financial crisis of 2008, this event with SVB put Circle through a very serious stress test, and we have come through it."Meanwhile, Circle has filed applications in France to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider. The move comes as Circle looks to expand its operations in Europe and push its EUROC stablecoin.Autorité des Marchés Financiers (AMF).

Treasury Secretary Janet Yellen is expected to tell a banking conference on Tuesday that the federal government could step in to protect depositors at additional banks if regulators see a risk of a run on the banking system. 

WASHINGTON—For 15 years, regulators and legislators have assumed the biggest risks to the financial system came from a handful of “too big to fail” banks. 

Circle, a leading global crypto finance company, has announced that it has partnered with Cross River Bank for producing and redeeming USD Coin (USDC), its flagship stablecoin pegged to the US dollar. Cross River Bank is a recognized leader in providing banking services to fintech and crypto firms, including Visa and Coinbase. In addition to Cross River Bank, Circle has also expanded relationships with other banking partners to assist with USDC redemption, including Bank of New York Mellon (BNY Mellon), which already provides custody services for Circle's reserves.

Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession.

WASHINGTON—For 15 years, regulators and legislators have assumed the biggest risks to the financial system came from a handful of “too big to fail” banks. 

On 20 March, entrepreneur Anthony Pompliano “Pomp” invited Real Vision CEO Raoul Pal to his podcast, where he quizzed the latter on a range of topics surrounding Bitcoin [BTC] and its numerous run-ins with regulatory bodies.

WASHINGTON—The Federal Reserve raised concerns about risk management at Silicon Valley Bank starting at least four years before its failure earlier this month, documents show.

For much of the early part of 2023, the economy seemed to be humming along.

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Following the collapse of SVB and the stablecoin saga, many have lost faith in crypto-backed stablecoins.

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ChartHop CEO Ian White breathed a major sigh of relief in late January after his cloud software startup raised a $20 million funding round. He'd started the process six months earlier during a brutal period for tech stocks and a plunge in venture funding.