Fed claims the Bank Term Funding Program would be an "additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress."
Concerns that Circle, the entity that created the USDC stablecoin, might have kept some of USDC's cash reserves at Silicon Valley Bank, which California's financial watchdog shut down on Friday, prompted the steps.
The U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation shuttered Silicon Valley Bank (SVB) after it went through financial difficulties.
Letitia James, the attorney general of New York State, is suing KuCoin on the grounds of KuCoin being an unlicensed broker or dealer in commodities and securities.
The United States government is attempting to thwart Binance.US' intention to spend $1 billion buying Voyager's troubled assets, despite the bankruptcy court in New York having approved the deal.