World’s Fifth-Largest Stablecoin Operator Transfers $1 Billion in Reserves to Banks in the Bahamas Due to the situation, banks in the United States had to seek alternatives.
Archblock started transferring funds after Signature Bank in New York, formerly Archblock’s largest banking partner, was abruptly ordered by US regulators to shut down. Archblock currently has no funds with Signature Bank.
Alex de Lorraine, Archblock’s chief financial officer and chief operating officer, told Bloomberg News that the decision to move funds to Capital Union in recent days was a result of worsening banking conditions for the e-finance business. in the united states
Capital Union is also a partner of Tether, whose main cash reserves are in banks in the Bahamas. Capital Union Bank is a well-known partner in the crypto business and allows its customers to deposit and trade digital assets in the same account as traditional currencies or assets.
refer : LINK
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