• US banks borrowed a total of $164.8 billion from two Federal Reserve backstop facilities during the week ending March 15.
• The traditional liquidity backstop for banks, also known as the discount window, saw a record-high borrowing of $152.85 billion, which increased significantly from the previous week’s $4.58 billion.
• The Bank Term Funding Program, a new emergency backstop launched by the Fed, recorded $11.9 billion in borrowing.
• The banking system is still vulnerable and struggling with deposit outflows resulting from the recent collapses of Silicon Valley Bank of California and Signature Bank of New York.
• The largest banks in the country deposited roughly $30 billion with First Republic Bank to stabilize the struggling California-based lender.
• Any bank bidding for Signature would be forced to give up any crypto-related aspects of the business.
• Circle, the founders of the second largest stablecoin market cap, USDC, was eventually able to get to its $1.00 peg, despite trading to as low as .88 cents over the weekend.

The article presents a mixed sentiment. On one hand, there is concern about the vulnerability of the banking system and the struggles faced by some banks. On the other hand, there is optimism about the stability of the stablecoin market and the efforts made by the US government to stabilize struggling lenders.