US Banks Just Borrowed $100,000,000,000 From Fed’s Emergency Lending Platform
It’s been just revealed the fact that the US banks have just borrowed $100,000,000,000 from the Fed’s emergency lending platform. Check out the latest reports about this below. US banks borrow tons of cash from the Fed’s...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It’s been just revealed the fact that the US banks have just borrowed $100,000,000,000 from the Fed’s emergency lending platform. Check out the latest reports about this below.
US banks borrow tons of cash from the Fed’s emergency platformAccording to the reports coming from the online publication the Daily Hodl, the Federal Reserve’s lending program to support US banks is in high demand as borrowings shatter $100 billion.
“The latest data from the Fed shows that its Bank Term Fund Program (BTFP) has issued loans to the tune of $100.16 billion as of June 7th, compared to $93.61 billion borrowed the week ending May 31st.”
It is also important to mention the fact that BTFP was designed to eliminate a bank’s need to sell those assets in times of distress.
Another issue that has to be mentioned is that the rising number of loans issued by the Fed via the BTFP suggests that the banking industry remains in serious need of additional funding to satisfy depositor obligations.
This is also showing the fact that banks are still feeling the pressure of the Fed’s tight monetary policies.
The central bank has imposed 10 straight rate hikes over the last 14 months, driving its benchmark interest rate to 5.08% – a level not seen since 2007,” according to the notes coming from the online publication mentioned above.
The state of the US dollarAccording to the latest reports, it has been revealed the fact that the chief executive of stablecoin issuer Circle is urging the United States to maintain the competitiveness of the dollar by creating clear guidelines for stablecoins.
The online pubcalition the Daily Hodl notes the fact that the U.S. House Financial Services Committee’s latest hearing on stablecoin legislation, Jeremy Allaire says the stakes are too high to ignore and that the US must ensure the dollar is the most competitive fiat currency on the internet.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
XRPL’s $1.34 billion stablecoin base doesn’t tell us how much XRP users need
Tracked stablecoins on the XRP Ledger totaled $1.338 billion on Oct. 7. For XRP holders, the critical question is how much activit...
US government moves another $1 billion in Bitcoin as BTC slides $4,000
US government-linked wallets moved over $1 billion in Bitcoin on Oct. 8 as BTC prices fell and more coins reached Coinbase Prime....
Initiate ‘bunker mode’ to protect crypto from AI, says Justin Drake
Senior Ethereum Foundation researcher Justin Drake, who has spent months warning about the supposedly imminent cybersecurity threa...
XRP Ledger adds new controls for banks, stablecoins and tokenized funds
The feature lets businesses give separate accounts limited powers such as approving customers or making payments, while keeping th...
AI may be keeping Bitcoin’s biggest macro headwind alive after the Fed stops hiking
Bitcoin faces a new macro headwind from the artificial-intelligence boom as massive infrastructure spending competes for long-term...
Bitcoin crashes through $81,000 buy wall as $1 billion crypto liquidation bloodbath unfolds
Bitcoin registered an intraday low near $80,000 as a cryptocurrency selloff triggered over $1 billion in liquidations, overwhelmin...