Friday, 24 March, 2023

Silvergate Bank Experiences Stablecoin Run as Crypto Exchanges Use its FedWire Network

<p>Silvergate Bank is working with cryptocurrency exchanges to create stablecoins that use US dollars and the bank&#39;s FedWire network. The bank&#39;s customers are using these stablecoins to move money between different exchanges quickly and efficiently. This has led to an increase in demand for the stablecoins and the bank is now experiencing a &quot;run&quot; on them&nbsp;with customers withdrawing large amounts of US dollars&nbsp;and depositing them in exchange for stablecoins.</p>