Signature Bank is a significant lender to crypto businesses. Its involvement in the FTX crypto exchange collapse late last year, where it held accounts representing less than 0.1% of its total deposits, brought the bank to the forefront of attention.
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She said that the government is concerned about depositors and focused on trying to meet their needs, but ruled out SVB Bailout by saying ‘the government is not looking to do that again’.
Circle, the company behind USDC, stated that it and the stablecoin are functioning without any interruptions, while they await further information about the situation of Silicon Valley Bank’s depositors.