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CUSTOMERS are continuing to redeem Circle’s USD Coin stablecoin at a greater pace than buying it even after the firm recouped deposits that were caught up in the collapse of Silicon Valley Bank.

SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing on Tuesday (Mar 21) that a fight is looming over US$2 billion of the former parent company’s cash that was seized along with the lender.

WALL Street leaders and US officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the situation said.

A DIGITAL euro has a key role to play in safeguarding European payment autonomy, according to European Central Bank President Christine Lagarde.

THE Singapore branch of Credit Suisse has total assets amounting to about S$38 billion as of Feb 28, 2023, representing 1.6 per cent of the total assets of Singapore’s banking sector, said a spokesperson from the Monetary Authority of Singapore (MAS).

THE US banking system is stabilising after strong actions from regulators, but further steps to protect bank depositors may be needed if smaller institutions suffer deposit runs that threaten more contagion, US Treasury Secretary Janet Yellen told bankers on Tuesday (Mar 21).

THIS month’s US banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse.

The shocking demise of Credit Suisse may well sully Switzerland’s banking reputation for years, possibly decades, to come. Earlier this week, Swiss President Alain Berset went so far as to say that an “uncontrolled collapse” of one of the country’s biggest and oldest banks would lead to “incalculable consequences”...

ONE of Credit Suisse Group’s biggest shareholder groups said the rushed merger of its bank with UBS Group over the weekend is an unprecedented breach of shareholder rights that may scare off institutional investors.

INVESTORS stepped cautiously into bank stocks on Tuesday (Mar 21), emboldened by the rescue of Credit Suisse, with share prices tentatively rising in Europe and Asia amid lingering concerns about further damage to credit markets and smaller US lenders.