Stablecoin, Yield, and Custody News for Week of March 12th, 2023.

Biggest stories of this week are undoubtedly the banking failures that have occurred recently in the United States, of course including Silicon Valley Bank. There have been countless impacts of this crash already, and there will be much more to discover as the weeks and months continue, but as of now we know that in the past week Silicon Valley Bank, Silvergate, and Signature have all shut down operations, and that all of the depositors of all three institutions will have their deposits backed by the federal institutions in the United States. As a whole, the blockchain industry has changed significantly over the weekend, with Silvergate and Signature being gone but a crypto rally occurring on the back of potential interest rate drops. We will do our best to keep everyone updated on the whole situation as it unfolds!

More news from this week:

• Coinbase has officially suspended Binance USD’s stablecoin BUSD
• DeFi Platform Euler was exploited for nearly $200m
• Binance announced they are moving $1b of their BUSD into BTC or other tokens
• The Justice Department is going to probe the collapse of Do Kwon’s UST
• One of Australia’s big four banks NAB has issued its stablecoin on Ethereum
• The founder of Babel, the now troubled crypto financial service provider, is launching a DeFi project
• Santander, HSBC, Deutsche Bank and others say they are willing serve crypto clients after the banking failures, according to messages sent to DCG
• Many stablecoin issuers momentarily lost their peg over the weekend

Follow Stablecorp Inc. for more updates on the industry!