News

Jinse Finance reported that compared to the collapse of First Brands Group and Tricolor Holdings, the losses disclosed by regional lenders Zions Bank and Western Union Bank appear much smaller, amounting to tens of millions of dollars rather than tens of billions. However, the successive exposures of loan fraud cases have once again sparked debate on Wall Street: will the era of laissez-faire capital cause both banks and non-bank institutions to pay the price? In the cases of Zions Bank and Western Union Bank, the alleged perpetrators are the same: investment funds associated with Andrew Stupin and Gerald Marcil borrowed funds to purchase distressed commercial mortgage loans. These disclosures add to a series of recent loan blowups, including subprime auto lender Tricolor Holdings filing for bankruptcy last month, resulting in nearly all of its debt becoming worthless. Subsequently, auto parts supplier First Brands Group also declared bankruptcy, owing more than $10 billions to some of Wall Street's largest financial institutions. The stock market reacted strongly: on Thursday, the market value of the 74 largest banks in the United States evaporated by more than $100 billions.

Jinse Finance reported that MoonPay has announced the launch of its unified crypto payment platform, MoonPay Commerce, integrating the acquired Helio technology into a single platform, which is already used by more than 6,000 businesses including Shopify, Solana Foundation, Ledger, and CoinMarketCap. The platform supports major tokens such as USDC, USDT, ETH, SOL, and BTC, offering low fees, fast settlement, and fiat settlement options, and provides Solana Pay instant payment functionality for Shopify.