Money

Reuters Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank,

By Ramishah Maruf and Allison Morrow, CNN This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a

By Alicia Wallace, CNN February’s jobs report had a little something for everyone. For workers, there were jobs; for employers, there were workers filling shortfalls caused by the pandemic; for the Federal Reserve, there were indications that the labor market was loosening and wage pressures were easing. Then again, the total of 311,000 net jobs

By Nathaniel Meyersohn, CNN Pop. Pop. Pop. Pop. The sound and disruption from pickleball, America’s fastest-growing sport, is driving some neighbors, tennis players, parents of young children, and others crazy. Homeowners groups and local residents in dozens of towns and cities have rallied to limit pickleball play and block the development of new courts. They

By Ramishah Maruf, CNN Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers who withdrew their deposits.

By Ramishah Maruf, CNN Roku held approximately $487 million of its $1.9 billion in cash at Silicon Valley Bank, which collapsed Friday and was taken over by the Federal Deposit Insurance Corporation, the streaming technology company disclosed in an SEC filing. That’s approximately 26% of the company’s cash and cash equivalents, Roku said, adding that

By Nathaniel Meyersohn, CNN A toy company based in New York has gotten caught up in the collapse of Silicon Valley Bank and is pleading with customers for help keeping it afloat. Camp, a venture-backed retailer, sent an email to customers Friday announcing it was slashing prices and would use sales to help fund its

By Lauren del Valle, CNN United States District Judge Lewis Kaplan indicated at a hearing Friday he might modify FTX founder Sam Bankman-Fried’s bail conditions, but only after attorneys further tighten the restrictions on Bankman-Fried’s access to technology. Kaplan said he’s still not convinced that the founder of bankrupt crypto trading platform FTX wouldn’t be

By Parija Kavilanz, CNN Adidas has received hundreds of offers for the mountain of unsold Yeezy shoes designed by Ye, the artist formerly known as Kanye West. Its CEO would prefer to just get rid of them entirely, but is struggling to figure out how to do it. Adidas broke off its lucrative nine-year partnership

By Nicole Goodkind, CNN The US labor market is remarkably strong — unemployment is sitting at five-decade lows even as the Federal Reserve does all it can to cool the economy in its fight against inflation. Wage growth is also increasing as demand for labor outpaces supply. But not all workers have benefited equally from