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Stablecoin issuers seek to diversify banking partners in the w | Crypto News Source

Stablecoin issuers seek to diversify banking partners in the wake of Silicon Valley Bank's meltdown

The
failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners. Silicon Valley Bank, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis on Friday.

Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash," Circle said in a tweet late Friday. "While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. That leaves Circle with two fewer banks to hold the cash tied to its USDC stablecoin. Circle is in the process of establishing new banking relationships, according to sources. The stablecoin issuer also banks with BNYMellon and Citizens Trust Bank.

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