According to unconfirmed information, Tether, the company behind the world’s largest stablecoin USDT, was included in the US financial system by working with Signature Bank, which was recently closed by the authorities in the US.
Signature Bank was shut down by state regulators on Sunday, March 12, 2023, after an influx of customers’ deposits. It was the third largest bank failure in US history, after Silicon Valley Bank.
Signature Bank, cryptocurrency It has had extensive exposure to the crypto industry as it accepts deposits from companies and affiliates and offers services such as digital payments and custody.
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However, with the collapse of Silicon Valley Bank, a large amount of assets of another stablecoin company, Circle, remained in this bank, and the USDC price fell to $ 0.82 after the fear and panic of investors.
Details to come…
*Not investment advice.
Source: Bitcoinsistemi.com