.Silvergatebank won't be launching its own stablecoin just yet, but continues to work with regulators toward that goal. $SI mikeyebellusci reports
Silvergate Capital is no longer on track to bring its own Stablecoin to market this year, though CEO Alan Lane said the company continues to work closely with regulators on the matter.
“We're certainly disappointed that it looks like we're gonna miss our goal of launching it this year,” Lane said on Silvergate’s earnings conference call Tuesday. The company, Lane added, is working diligently to build its operational and regulatory compliance “muscle” to ensure a smooth launch.– the stablecoin project from Meta Platforms that was first announced as Libra back in June 2019.
The delay isn’t related to any technology issues for the project, said Lane, who still believes Silvergate is in a strong position versus other banks to bring its own tokenized dollar to the blockchain.that included a slowdown in USD transfers and digital deposits, along with the stablecoin delay.
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