{"id":30443,"date":"2020-10-21T13:42:38","date_gmt":"2020-10-21T10:42:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30443"},"modified":"2025-08-27T22:18:55","modified_gmt":"2025-08-27T19:18:55","slug":"stablecoin-issuers-helped-signature-bank-attract-1-billion-in-deposits","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/stablecoin-issuers-helped-signature-bank-attract-1-billion-in-deposits\/","title":{"rendered":"Stablecoin issuers helped Signature Bank attract $1 billion in deposits"},"content":{"rendered":"

New York-based Signature Bank, whose clients include cryptocurrency companies, increased deposits by $4.11 billion in the third quarter. A quarter of that amount came from firms dealing with digital currencies, including stablecoin issuers, according to Coindesk<\/a>.<\/p>\n

Total deposits at Signature Bank stand at $54.34 billion. Over the past year, they have risen by $15.28 billion, or about 40%.<\/p>\n

During a conference call on the company’s financials, Signature Bank CEO Joseph DePaolo disclosed the information.<\/p>\n

He did not specify which stablecoin issuers’ reserves are on the bank’s balance sheet, but this is the first time such information has been disclosed, the publication notes.<\/p>\n

DePaolo added that in the second quarter, deposits from crypto firms also grew by about $1 billion.<\/p>\n

\n

\u201cOur clients in the cryptocurrency industry were initially hesitant. They wanted to be sure of the resilience of our business,\u201d said Joseph DePaolo.<\/p>\n<\/blockquote>\n

The bank’s interest in working with crypto companies is explained by the fact that they often keep funds in on-demand deposits, providing the bank with a cheap source of funding for active operations.<\/p>\n

In addition to taking deposits, this year Signature Bank provided about 40 loans to blockchain companies under the Paycheck Protection Program (PPP) during the peak of the COVID-19 pandemic.<\/p>\n

Signature Bank has opened its doors to many crypto firms in recent years. The bank offers Signet, a platform targeted at institutional users for digital payments. It competes with Silvergate Bank’s Silvergate Exchange Network (SEN), which enables corporate clients to conduct real-time transactions around the clock and borrow against Bitcoin.<\/p>\n

In May this year, Bitstamp, the oldest Bitcoin exchange in Europe, announced the integration of Signet.<\/p>\n

In September, the Office of the Comptroller of the Currency (OCC), part of the U.S. Treasury, allowed<\/a> national banks and federal savings associations to hold reserves of stablecoin issuers.<\/p>\n

Subscribe to ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York-based Signature Bank, whose clients include cryptocurrency companies, increased deposits by $4.11 billion in Q3. A quarter of that amount came from crypto firms, including stablecoin issuers, according to Coindesk.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1986,807],"class_list":["post-30443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-signature-bank","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30443"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30443\/revisions"}],"predecessor-version":[{"id":30444,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30443\/revisions\/30444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}