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Fortune

Leo Schwartz

Bank failures could spur Congress to act on stablecoins

French Hill Circle Dante Disparte Leo Schwartz Leo Schwartzleoschwartzfortunecomleomschwartz Fortune SVB Crypto NC Signature

(Credit: Sarah Silbiger—Getty Images)

Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insight on policy and regulation.

When the dust settled on Monday after the failures of Silicon Valley Bank and Signature, the U.S. crypto industry found itself in an even more precarious position. Circle and its USDC stablecoin survived a harrowing weekend thanks to its SVB exposure, and the sector was forced to adjust to a new reality after the rapid culling of banking options.

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