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Silicon Valley Bank
Custody
March 24, 2023
Tether CTO expects $700M profit by the end of Q1 2023
Tether CTO Paolo Ardoino expects the firm’s profits for the first quarter of 2023 to hit $700M. He also revealed that Tether currently holds $1.7B in excess reserves.
Custody
March 13, 2023
Circle appoints Cross River Bank as commercial banking partner
Stablecoin issuer Circle has chosen Cross River Bank as its banking partner after the collapse of Silicon Valley Bank.
Custody
March 11, 2023
USDC loses peg as Circle discloses $3.3B exposure to SVB
USD Coin lost its 1:1 peg to the US Dollar after Circle revealed that the firm has a $3.3B exposure to Silicon Valley Bank.
Crypto lending
March 11, 2023
BlockFi holds uninsured funds worth $227M in Silicon Valley Bank
A recent court filing revealed that BlockFi holds $227M worth of non-FDIC insured funds in an MMMF with Silicon Valley Bank
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