The U.S. crypto-friendly bank Silvergate is unlikely to launch a stablecoin this year

ChainCatcher news, according to CoinDesk, Alan Lane, CEO of Silvergate Capital, the parent company of the crypto-friendly bank Silvergate, stated during the earnings call that the company no longer expects to launch its stablecoin this year but will continue to work closely with regulators on the matter. Lane explained that the delay is not related to technical issues with the project, and he still believes that Silvergate is in a strong position compared to other banks in bringing its tokenized dollar to the blockchain. The company will strive to build its operational and regulatory compliance solutions to ensure a smooth launch.

According to ChainCatcher's report in February this year, Silvergate acquired the technology and other assets of Meta Platforms (formerly Facebook) stablecoin project Diem for $182 million to enhance its existing stablecoin infrastructure. Under the terms, Silvergate will manage the reserves and issue a "regulated and highly scalable" dollar stablecoin on its own. (source link)