The past weekend saw the second most valuable stablecoin, $USDC, depeg as a result of banks failure, including Silvergate and Silicon Valley Bank. CMC discusses how and why Signature Bank collapsed, and the impact on the crypto industry.👇
In this article, we will discuss how and why Signature Bank collapsed, and the impact on the crypto industry.Signature Bank, a full-service New York commercial bank, was known for its convenient service and deep connection with the real estate and legal sectors. With 40 private client offices across five U.S. states, the banking institution had nine national business lines, including venture banking, mortgage servicing and commercial real estate.and collected deposits amounting to $88.6 billion.
Last week, as news of Silicon Valley Bank's woes spread like wildfire, contagion hit Signature Bank’s customers. According to the, most Signature customers had more than the $250,000 limit insured by the Federal Deposit Insurance Corporation and consequently felt vulnerable about potential losses in case of a similar incident.
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