SVB crisis: Here are the crypto firms denying exposure to troubled US banks

cointelegraph.com:

Amid the ongoing United States banking crisis, several major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB).

As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues so far.

Tether, the operator of the eponymous U.S. dollar-pegged stablecoin, Tether (USDT), was one of the first companies to deny exposure to SVB and other troubled U.S. banks as of mid-March.

On March 12, Tether chief technology officer Paolo Ardoino took to Twitter to announce that the stablecoin company has zero exposure to Signature Bank. The tweet came soon after Signature officially shut down operations the same day.

Ardoino previously said that Tether had no exposure to SVB on March 10. The chief technology officer posted a similar tweet about Silvergate on March 2, declaring that Tether did not have “any exposure” to the bank.

Tether’s USDT is the largest stablecoin by market capitalization, with a market value of $73 billion at the time of writing. Its biggest rival, USD Coin (USDC), briefly lost its 1:1 peg with the U.S. dollar after its issuer, Circle, could not withdraw $3.3 billion in reserves from SVB.

Kris Marszalek, CEO of major cryptocurrency exchange Crypto.com, provided similar statements on the company being unaffected by the ongoing issues in U.S. banking.

In subsequent tweets on March 10 and March 12, Marszalek declared that Crypto.com had zero exposure to Signature, Silvergate and SVB.

https://t.co/pFc4Pz9nFR has $0 exposure to Signature Bank. https://t.co/TG2h7HyXE9

Other major exchanges, including Gemini and BitMEX, have also denied any exposure to the dissolved