Circle Partners with Cross River Bank for USDC Production and Redemption
The announcement comes after a harrowing weekend that saw Circle’s flagship USDC stablecoin break its peg to the dollar, falling below $0.90 early on Saturday. However, a series of moves by banks and regulators restored confidence in the token, and at the time of publication, USDC has recovered and trades at $0.99.
During the weekend, Circle issued a press release confirming that 100% of USDC reserves are safe and secure. The company also announced that it would complete the transfer of the remaining Silicon Valley Bank (SVB) cash to BNY Mellon, and liquidity operations for USDC will resume at banking open on Monday.
Circle’s announcement also noted that it had no exposure to Silvergate, the crypto-friendly bank that announced it would voluntarily liquidate its holdings as part of a takeover process by federal regulators. This weekend’s USDC turmoil was part of a broader financial catastrophe that started due to the collapse of SVB, the 16th-largest bank in the United States and a financial pillar of the tech and venture capital world. The failure of SVB triggered a panic as thousands of companies, including Circle, could not access billions in deposits. However, the Federal Reserve and other agencies calmed markets by announcing that depositors at SBV would be made whole.
Circle’s partnership with Cross River Bank and other banking partners is a significant step towards strengthening the stability and reliability of USDC, especially in the wake of recent events. Cross River Bank has a reputation for providing banking services to fintech and crypto firms and has been recognized for its services to Visa and Coinbase. BNY Mellon, on the other hand, already provides custody services for Circle’s reserves, making it a natural fit for assisting with USDC redemption.
Overall, Circle’s partnership with Cross River Bank and other banking partners underscores the importance of reliable banking partnerships for the stablecoin industry, which is still in its nascent stages. As the industry grows and matures, more partnerships like these are likely to emerge, providing greater stability and reliability for stablecoins like USDC.
Taiwan FSC to regulate crypto
According to the local United Daily News, the head of the Financial Supervisory Commission (FSC), Huang Tien-mu, made the announcement that the regulator would acquire supervisory responsibility over the cryptocurrency market in Taiwan.
On March 20, Huang gave a speech about the regulation of cryptocurrencies in the Republic of China before the Legislative Yuan in Taiwan (ROC). He said that the new crypto regulatory framework that will be implemented by the FSC would contain key laws and policies, such as the partitioning of consumer assets from corporate money and the implementation of investor protection procedures.
According to the source, the nation’s top administrative authority, known as the Executive Yuan, has given the Financial Supervisory Commission (FSC) the mandate to monitor payments and transactions in the cryptocurrency market at this time. Huang emphasized that other industry-related assets, such as nonfungible tokens (NFTs), may not come under the regulation of the Financial Stability Commission.
Huang also said that the Financial Supervisory Commission (FSC) will first focus a lot of emphasis on the concepts of self-regulation in the cryptocurrency market in Taiwan. The official continued by saying that the authority will act in accordance with the directives provided by the Executive Yuan.
According to a report that was published by Taiwan’s Central News Agency, Taiwanese legislators anticipate developing and approving an appropriate crypto legal framework by the end of March or at the earliest by the month of April. According to reports, the goal of the present preliminary plan is to place the oversight of the regulation of NFTs within the authority of the Ministry of Digital Affairs.
The announcement comes at a time when Taiwan is experiencing persistent tensions with China. The Chinese government views Taiwan as a renegade province, and it has pledged to bring Taiwan under its rule. China, which has emerged as a significant anti-crypto nation, will implement a total ban on crypto in 2021, in contrast to other jurisdictions in the Asia-Pacific area, such as Hong Kong or Singapore, which are crypto-friendly.
Australian Bankers Association cost of living probe shows bank pressure
The recent analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — proved that more than 186 banks in the United States are at risk of a similar shutdown if depositors decide to withdraw all of their funds. These banks were Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank were the names of these financial institutions. These particular banking establishments went under the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank respectively. These specific financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively, at one point in time. At one point in time, these particular financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively. The Australian Bar Association (ABA) is currently in the process of conducting an investigation with the intention of determining both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. The goal of the investigation is to determine both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. Both the reaction of the Australian government’s fiscal policies and the ways by which the cost of living in Australia may be lowered are the foci of the inquiry, the objective of which is to discover which of these may be determined. The aim of the study is to determine both of these things at the same time as part of its objective.
US Banking Crisis Fuels Regulation Debate
One of the most prominent economists in the world, Peter Schiff, is one of the primary voices in this debate. He maintains that there is a possibility that the present economic crisis may become much more severe if the regulations that are put on banks are made more stringent. Schiff makes reference to the global financial crisis that took place in 2008, which was in large part precipitated by the collapse of the housing market. Schiff, on the other hand, contends that “too much government regulation” was the primary factor that led to the disaster.
The opinion that Schiff is advocating, on the other hand, is not shared by everyone. After conducting a more in-depth investigation of Silicon Valley Bank (SVB) recently, a group of economists came to the conclusion that approximately 190 banks across the United States are in danger of failing as a result of the actions of their depositors. This was the finding that led to this conclusion. They argue that the monetary policies that are written down by central banks might be harmful to long-term assets such as mortgages and government bonds, which would result in losses for financial institutions if they were to invest in these types of assets.
This word of warning calls attention to the problems that the banking industry in the United States is now facing and the need of giving careful consideration to the impact that changes in regulatory and monetary policies will have. As the economy continues to shift and new problems emerge, policymakers will need to work together to devise solutions that will satisfy the concerns of a wide variety of interested parties while also protecting the financial well-being of the banking industry and the economy as a whole.
Taiwan FSC to regulate crypto
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