In March 2023, the US government invoked a rare systemic risk exception to rescue Silicon Valley Bank (SVB), making all depositors, including uninsured ones like Circle's $3.3 billion USDC reserves, whole. This action stabilized USDC's peg, which had dropped to 87 cents during the bank's failure. However, this bailout was incidental to crypto, aimed at preventing broader banking instability, not directly supporting stablecoins. Since then, regulations and industry practices have moved reserves away from bank deposits, closing this accidental bailout channel and emphasizing stablecoin issuers' own resolution mechanisms rather than government rescues in future crises.
The U.S. Bankruptcy Court for the Central District of California confirmed the Plan of Liquidation for Oceanwide Plaza LLC, enabling the $470 million sale of the stalled Downtown Los Angeles development to KPC Square, a joint venture between KPC Grou...
Axsome Therapeutics received an "Outperform" rating from BMO Capital due to significant progress in its drug pipeline, including FDA acceptance of its NDA for AXS-12, a narcolepsy treatment with a PDUFA date set for May 1, 2027. The company is also a...
Novartis is set to report its Q2 earnings with analysts expecting an EPS of $2.17 and revenue of $14.07 billion, following a tough Q1 affected by major patent expirations. Despite revenue challenges, the company maintained strong cash flow of $3.30 b...
KeyCorp is set to report earnings with analysts forecasting a 20% increase in earnings per share to $0.42 and an 8% rise in total revenue to $1.97 billion. The growth is mainly driven by a 10% increase in net interest income, fueled by strong commerc...
Several biotech and manufacturing companies saw significant stock declines due to key corporate events. Vision Marine Technologies dropped nearly 24% after shifting its focus from boat manufacturing to a mining project, causing investor uncertainty. ...
