Our monetary system is too arbitrary, our politicians are wildly irresponsible, and our banking system is highly opaque. I've never had so much conviction that an on-chain financial system could be a much better one.

.BCB Group has no commercial relationship with Silicon Valley Bank (so no direct exposure) but will remain vigilant for knock-on effects on other banks, clients, and suppliers. My thoughts are with entrepreneurs and startups disrupted by this horror show.

Hang in there, friends at Circle, and friends of Circle. It is going to be ok.

When market turmoil happens, I try to make a list of things I learn so I can remember them later. Sometimes the list is full of new things and sometimes they are just reminders. Here is what I have so far from the last few days 👇🏼

Signature Bank has been closed, all depositors to be made whole. BCB Group does have an active commercial relationship with Signature Bank and is working on next steps for any customers affected by this news. Updates to follow.

Update thread on USDC We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system. 100% of deposits from SVB are secure and will be available at banking open tomorrow.

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Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. circle.com/en/pressroom/3…

BLINC USD was scheduled for Q2, then SEN died and we accelerated it to pilot on Monday 13 March, but looks like we're back to "Q2". Hang in there folks, working our nuts off to get you a SEN/Signet replacement for USD. (BLINC has processed tens of billions in non-USD currencies.)

With the loss of real-time payment platforms SEN and Signet, stablecoins are no longer a 24/7, 365 ecosystem. I spoke with nic carter, Dante Disparte of Circle, and Austin Campbell about what that means for crypto, and Oliver von Landsberg-Sadie about the path forward: fortune.com/crypto/2023/03…

Took a little waffle time to get to my point but glad to have had the platform to make the point. Banks are not the way forward. But networks of banks may be. #BLINC

.Craig DeWitt thanks for asking about the differences b/w bank-issued deposit tokens (aka tokenized deposits) and payment #stablecoins like #USDC (aka tokenized cash or what the EU's #MiCA framework would call e-money tokens). A thread follows 🧵:

LIVE at #Consensus2023: The banking industry had a rocky start to 2023. Where does crypto fit into the future or traditional finance and vice versa? Watch Prof. Tonya M. Evans | #CEOofME, Caitlin Long 🔑⚡️🟠, Oliver von Landsberg-Sadie, Richard Booth, Sid Powell 🥞 and Amitoj Singh discuss: x.com/i/broadcasts/1…

A UCL project to develop artificial fibre technology to accelerate neurodegenerative disease research, led by Prof Emad Moeendarbary UCL MechEng UCL Engineering, will be one of the first studies supported by e-money venture Science Card ucl.ac.uk/news/2024/jan/…