Is South Korea's Crypto Market Ready for an Institutional Shift?

The Scramble for Silvergate Alternatives

Liquidity

09/03/2023

Welcome to Deep Dive!

Last night, Silvergate decided to voluntarily liquidate, leaving the crypto industry scrambling for banking alternatives. Today, we explore the implications of Silvergate’s collapse on cryptocurrency markets and the viability of alternative fiat on-ramps for institutions and exchanges.

  • Closure of USD payment rails to have profound effect on crypto liquidity.

  • Stablecoins present an alternative to fiat for crypto firms.

  • Door open now for Europe and Asia to gain a foothold in crypto.

  • USD pairs fading into irrelevance.

Never Miss a Deep Dive.

The fall of fiat in crypto

Alternatives to Silvergate:

Transacting with stablecoins

Time for the euro to step up

Euro+stablecoins = Euro Stablecoins?

Conclusion

Data Used In This Analysis

More From Kaiko Research

  • ETF

    14/04/2025 Data Debrief

    XRP's Liquidity Race As Crypto ETFs Deadlines Loom.

    Markets declined Friday after China announced 125% tariffs on U.S. goods starting April 12, following the U.S. president’s selective 90-day tariff pause that excluded China. Ripple acquired Hidden Road for $1.25 billion, while Binance continue deal talks with Trump’s crypto company.

  • Macro

    07/04/2025 Data Debrief

    Liberation Day Frees Investors From Election Gains.

    The markets are still digesting last week’s sweeping tariff announcements. Meanwhile, USDC issuer Circle has taken a significant step towards a public listing by filing for an IPO on the NYSE. Additionally, First Digital Trust’s FDUSD briefly lost its peg due to insolvency concerns.

  • DEX

    31/03/2025 Data Debrief

    DeFi faces new test as low-liquidity token gets manipulated

    Bitcoin fell alongside equities as hotter-than-expected U.S. inflation data and weak sentiment indicators fueled stagflation fears on Friday. Meanwhile, Crypto.com announced that it will support Trump Media’s upcoming ETF offerings, and GameStop experienced volatility after doubling down on Bitcoin.

  • CEX

    24/03/2025 Data Debrief

    SOL Institutional Demand Tested.

    Risk assets, including crypto, experienced gains in the early hours of Monday as concerns over the upcoming April 2nd tariffs eased. In other news, Kraken acquired a futures exchange for $1.5 billion, the U.S. Treasury lifted economic sanctions on Tornado Cash, and the SEC dropped its appeal against Ripple.