Signature Bank, Stablecoins Might Benefit From Silvergate Exchange Network's Demise

Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement, key users of SEN, including the crypto firms Coinbase, Gemini, Paxos, Circle, Galaxy Digital, Cboe Digital and Bitstamp, were already dropping off, citing the need for caution.