| Silicon Valley Bank event tracking; Shibarium goes online; BTC breaks through 22,000 USDT (March 13)

Loopy Lu

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2023-03-13 10:44 (UTC+8)

This article is about 2280 words, reading the full article takes about 4 minutes

Coinbase will resume USDC conversion today; Circle said it can use company resources to make up for the SVB gap.

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Coinbase will resume USDC conversion today; Circle said it can use company resources to make up for the SVB gap.

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Odaily’s Ouyi OKX market shows that BTC rose to 22160 USDT in the short term, and is now reported at 21886.7 USDT, an increase of 7.15% in 24 hours.

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SVB vs. Circle Recap

Circle CEO: Deposits in SVB confirmed 100% safe, USDC liquidity operations will resume on Monday

Odaily News Circle CEO Jeremy Allaire tweeted that due to the joint protection actions taken by US regulators, Circle’s deposits in Silicon Valley Bank (SVB) will be confirmed to be 100% safe. Therefore, 100% of USDC reserves are also safe and reliable. Circle will transfer the remaining SVB deposits to BNY Mellon. USDC liquidity operations will resume Monday morning after banks open.

Some Silicon Valley Bank depositors seek discounts to raise cash

Odaily News According to the British "Financial Times" report, some depositors of Silicon Valley Bank are currently trying to sell their deposits at a large discount to raise cash. According to data from trading platform Cherokee Acquisition, non-insured Silicon Valley Bank deposits were quoted between 55% and 35% off on the 10th. For some start-ups, selling deposits at a discount is a last resort to pay employees, the report said. A number of VCs said they had contacted some start-ups to buy their deposits at some discount. According to the data, by the end of 2022, 96% of the deposits of Silicon Valley Bank will not be insured by the Federal Deposit Insurance Corporation (FDIC). (CCTV Finance)

U.S. Treasury Department: FDIC deposit insurance fund exceeds 100 billion U.S. dollars, enough to cover all deposits in Silicon Valley Bank and Signature Bank

Odaily News The U.S. Department of the Treasury stated that some institutions have similar problems to Silicon Valley Bank. At present, the deposit insurance fund of the Federal Deposit Insurance Corporation (FDIC) exceeds 100 billion US dollars, which is enough to cover the deposit amount of all Silicon Valley Bank and Signature Bank. (Golden Ten)

Coinbase to resume USDC conversions on Monday, with $240 million cash balance at Signature Bank
All insured depositors will have until the morning of Monday, March 13, 2023 to fully access their insured deposits. The FDIC will pay prepaid dividends to uninsured savers next week. Uninsured depositors will receive a certificate of receivership for the remaining amount of their uninsured funds. With the FDIC selling off Silicon Valley Bank's assets, future dividend payments to uninsured savers are likely.

New York state regulators close Signature Bank, which has been taken over by the US FDIC

Odaily News The Federal Reserve announced that New York-based Signature Bank was closed by New York state regulators on Sunday. Adrianne Harris, superintendent of the New York State Department of Financial Services, said the Federal Deposit Insurance Corporation (FDIC) had taken over the bank.

Silicon Valley Bank collapses and is taken over by the FDIC

Odaily News According to official news, the Federal Deposit Insurance Corporation (FDIC) stated that Silicon Valley Bank has been closed by the California Bureau of Financial Protection and Innovation. The agency appointed the FDIC as receiver. To protect insured depositors, the FDIC created the Santa Clara Deposit Insurance National Bank (DINB). When Silicon Valley Bank closed, the FDIC as recipient immediately transferred all insured deposits at the bank to DINB.
All insured depositors will have until the morning of Monday, March 13, 2023 to fully access their insured deposits. The FDIC will pay prepaid dividends to uninsured savers next week. Uninsured depositors will receive a certificate of receivership for the remaining amount of their uninsured funds. With the FDIC selling off Silicon Valley Bank's assets, future dividend payments to uninsured savers are likely.

Silicon Valley Bank is the first FDIC-insured institution to go bankrupt this year. The last FDIC-insured institution to close was Almena State Bank of Kansas on October 23, 2020.

The US government will issue an official announcement on the Silicon Valley Bank incident

According to Odaily, Watcher.Guru disclosed on social media that the US government will issue an official announcement on the Silicon Valley Bank incident to avoid further impact.

U.S. Treasury Secretary: Has ruled out bailout of Silicon Valley Bank
Odaily News Circle announced that although USDC can be used on the chain around the clock, the issuance and redemption are limited by the working hours of the US banking system. USDC liquidity operations will return to normal next Monday morning when major U.S. banks go to work. The team is well prepared to handle a high volume of transactions. As a regulated payment token, USDC is still convertible 1:1 with the U.S. dollar.

Circle: If the USDC reserves stored in SVB cannot be recovered in time, company resources will be used to make up the gap

Odaily News Circle announced that although USDC can be used on the chain around the clock, the issuance and redemption are limited by the working hours of the US banking system. USDC liquidity operations will return to normal next Monday morning when major U.S. banks go to work. The team is well prepared to handle a high volume of transactions. As a regulated payment token, USDC is still convertible 1:1 with the U.S. dollar.

Industry news

BitMEX founder: More bank failures may lead to Fed restarting money printing machine

Odaily News In response to "The Federal Reserve and FDIC are considering setting up funds to provide guarantees for deposits when more banks fail", Arthur Hayes, founder of BitMEX, commented, "It is getting closer and closer to the start of the money printing machine. In 2008, they First tried the Troubled Asset Relief Program (TARP) and the markets kept falling and the financial institutions kept going bankrupt. Then they finally turned on the money printing presses. I guess this time it might follow a similar trajectory. Let’s see how big the bazooka gets.”

In the past 24 hours, the entire network has lost 187 million US dollars, and Ethereum has lost 70.4996 million US dollars

Odaily News Coinglass data shows that in the past 24 hours, the entire network has liquidated 187 million US dollars, of which Ethereum liquidated 70.4996 million US dollars and Bitcoin liquidated 53.3907 million US dollars.

Sequoia Capital and more than 100 investment institutions jointly support Silicon Valley Bank, YC and others call on regulators to take measures

Odaily News More than 100 venture capital and investment institutions have signed a statement in support of Silicon Valley Bank, which is part of a growing industry call to reduce the impact of the collapse of Silicon Valley Bank (SVB) and avoid a possible "extinction" of technology companies. level event".

Shytoshi Kusama, the chief developer of SHIB from Odaily, posted that the Layer 2 blockchain solution Shibarium's Early Public Beta (Early Public Beta) PUPPYNET has been launched.

Project News

PeopleDAO community treasury multi-sig wallet hacked, 76 ETH lost

Odaily News PeopleDAO tweeted that its community Treasury multi-signature wallet on the digital asset management platform Safe (formerly Gnosis Safe) was hacked to steal 76 ETH ( about $120,000). This event has nothing to do with the PEOPLE token contract.

Shiba Inu Layer 2 Solution Shibarium Early Beta Public Beta Released Live

Shytoshi Kusama, the chief developer of SHIB from Odaily, posted that the Layer 2 blockchain solution Shibarium's Early Public Beta (Early Public Beta) PUPPYNET has been launched.