cryptonews.net
According to Bloomberg, Archblock controls about $2 bln in reserves that back the TrueUSD (TUSD) stablecoin. With the transfer of the reserve, Capital Union Bank now owns more than $1.4 bln, a real-time attestation conducted by an independent accounting firm showed on Wednesday.
Archblock began transferring funds after U.S. regulators abruptly shut down New York-based Signature Bank, Archblock's former largest banking partner. It does not currently have funds at Signature Bank, as the attestation shows. Alex de Lorraine, chief financial officer and chief operating officer of Archblock, told Bloomberg that the decision to move funds to Capital Union was the result of deteriorating banking conditions for crypto business in the US.
This month, US regulators closed or voluntarily dissolved Silvergate Bank, Silicon Valley Bank and Signature Bank. This puts many digital asset companies in a precarious position as they rush to find new solutions to protect their assets and enable customers to transfer funds.
Image: Coin Guru