We’re suddenly running a little low on crypto-friendly US banks
, which collapsed on March 8th, Signature had a network that let crypto companies transfer dollars in real-time. With both crypto banks gone, it may be harder to get back into dollars.
Additionally, the Fed’s announcement said that depositors at Silicon Valley Bank will also be made whole. That’s good news for crypto — since stablecoin provider Circle was keeping $3.3 billion of its reserves there. Circle operates USDC, a token that is always meant to be worth $1 — and an important part of crypto payments.
Also in the statement, the regulators said that depositors of Silicon Valley Bank, a non-crypto bank that failed on March 10 following a bank run, will have access to their uninsured deposits on Monday. The statement noted that in both cases, no losses would be paid for by taxes.
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