True USD (TUSD) management firm Archblock brought the stablecoin reserves placed in the Bahamian Capital Union Bank to $1.4 billion from $438 million as of March 10. Writes about it Bloomberg.
The decision was made after closing. SBNYformerly the largest partner of the organization, as well as crypto-friendly banks Silvergate Capital and SVB.
This has complicated the business of companies, forcing them to explore alternatives for storing cash in fiat and the ability to transfer funds to customers, the agency noted.
On March 13, Archblock held $852 million in SBNY accounts, according to an attestation report confirmed by ChainArgos.
“Even operating accounts for simply paying taxes, paying salaries and paying expenses are very difficult to get unless you are a multi-billion dollar business. The recent collapse of the banks only highlights the concentration risk that has arisen from the lack of clear rules. I doubt the turmoil of the last 72 hours would have been possible if companies like ours had been allowed to work with Citi or JPMorgan.” — shared CFO And COO Archblock Alex de Lorraine.
Capital Union Bank acts as a partner for crypto businesses, offering the opportunity to deposit and transact digital assets in the same account as with traditional currencies or assets. In particular, the institution holds the reserves of the Tether issuer.
“We moved the funds to Capital Union Bank to be safe, because we can immediately invest in US Treasury bills, which in itself is funny. The funds are in the US, but to achieve this we need to use an offshore bank.” de Lorraine explained.
TUSD is the fifth largest stablecoin in terms of capitalization with $2.05 billion, according to CoinGecko. On March 1, it was $1.12 billion.
Interest in the asset increased amid an attack by US regulators on the BUSD asset associated with Binance. The day before, the platform announced the introduction of zero commissions in pairs with TUSD.
Earlier, Glassnode analysts pointed to an increase in the share of USDT to 57.8% amid depega USDC, DAI, FRAX, USDP, USDD and GUSD.
Recall that representatives of the USDC stablecoin co-issuers – Circle and Coinbase – said that problems in the banking sector led to uncertainty in the cryptocurrency market.
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True USD (TUSD) management firm Archblock brought the stablecoin reserves placed in the Bahamian Capital Union Bank to $1.4 billion from $438 million as of March 10. Writes about it Bloomberg.
The decision was made after closing. SBNYformerly the largest partner of the organization, as well as crypto-friendly banks Silvergate Capital and SVB.
This has complicated the business of companies, forcing them to explore alternatives for storing cash in fiat and the ability to transfer funds to customers, the agency noted.
On March 13, Archblock held $852 million in SBNY accounts, according to an attestation report confirmed by ChainArgos.
“Even operating accounts for simply paying taxes, paying salaries and paying expenses are very difficult to get unless you are a multi-billion dollar business. The recent collapse of the banks only highlights the concentration risk that has arisen from the lack of clear rules. I doubt the turmoil of the last 72 hours would have been possible if companies like ours had been allowed to work with Citi or JPMorgan.” — shared CFO And COO Archblock Alex de Lorraine.
Capital Union Bank acts as a partner for crypto businesses, offering the opportunity to deposit and transact digital assets in the same account as with traditional currencies or assets. In particular, the institution holds the reserves of the Tether issuer.
“We moved the funds to Capital Union Bank to be safe, because we can immediately invest in US Treasury bills, which in itself is funny. The funds are in the US, but to achieve this we need to use an offshore bank.” de Lorraine explained.
TUSD is the fifth largest stablecoin in terms of capitalization with $2.05 billion, according to CoinGecko. On March 1, it was $1.12 billion.
Interest in the asset increased amid an attack by US regulators on the BUSD asset associated with Binance. The day before, the platform announced the introduction of zero commissions in pairs with TUSD.
Earlier, Glassnode analysts pointed to an increase in the share of USDT to 57.8% amid depega USDC, DAI, FRAX, USDP, USDD and GUSD.
Recall that representatives of the USDC stablecoin co-issuers – Circle and Coinbase – said that problems in the banking sector led to uncertainty in the cryptocurrency market.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
