Binance issued a statement explaining that Signature Bank advised that they will no longer "process SWIFT fiat (USD) transactions for individuals of less than 100,000 USD as of February 1st, 2023."
The global stablecoin market capitalization currently stands at an impressive 161 billion, and the researchers from the Bank of Canada pointed out the potential pitfalls.
The President of Iran has called on Muslim nations to develop a cryptocurrency that could help them avoid using the USD, reducing the U.S economic dominance.
