BiyaPay Analyst: After the collapse of Silicon Valley Bank, a close ally of Trump in Silicon Valley is planning to establish a new "Crypto Bank" to support USDT-to-USD exchange.

July 3rd, 2023. The collapse of Silicon Valley Bank in 2023 has sent shockwaves throughout the global financial sector, especially within the tech and crypto industries. Now, a new "crypto bank" known as Erebor, jointly initiated by allies of the U.S. President, along with Silicon Valley giants Joe Lansdale, Palmer Lackey, and Peter Till, is planning to fill this market void. Erebor's core strategy is to utilize stablecoins as the bank's primary business, aiming to become the "most regulated stablecoin transaction execution and facilitation entity." The bank is designed to serve emerging tech companies, particularly those in the cryptocurrency, artificial intelligence, and blockchain sectors, filling the financial service gap left by the collapse of Silicon Valley Bank. Erebor's goal is not only to provide tailored financial services but also to serve as a bridge between digital dollars and traditional dollars, promoting the adoption and regulatory compliance of stablecoins. For BiyaPay users, the establishment of Erebor will have a profound impact on the cryptocurrency industry. BiyaPay, as a platform, offers fast exchange services between USDT and over 30 fiat currencies such as the dollar and euro, enabling users to easily make remittances and conduct transactions. With the rise of Erebor, stablecoin transactions may become the core of a new wave of financial innovation, and BiyaPay will continue to provide users with convenient and secure digital asset trading services to assist global users in adapting to this transformation.