Weekly Global News Wrap: Stablecoins threaten $500b in deposits; Italy funds bank rescue

And about 100 jobs in Metro Bank are at risk.

From Bloomberg:
Banks in industrialized nations may lose as much as $500b in deposits as stablecoins gain traction, according to a report by Standard Chartered Bank.

The increased use of the cryptocurrencies designed to track a mainstream asset, often the dollar, threatens to spur the exit of as much as $500 billion in deposits from lenders in industrialized nations by the end of 2028, according to an analysis from Geoff Kendrick, global head of digital assets research at Standard Chartered.

From Reuters:
Italy’s deposit protection fund (FITD) has agreed to a $897.6b rescue plan for Oaktree-owned Banca Progetto, involving the country's five biggest banks.

Banca Progetto, a digital bank focused on lending to small- and mid-sized Italian businesses, was put under special administration by the Bank of Italy last year.

The bank was also placed under judicial administration from October 2024 to July 2025 over alleged lending to a person arrested on mafia-related charges.

From Reuters:
Britain’s Metro Bank has launched a third round of job cuts, with about 100 jobs at risk, based on a report by the Financial Times.

The bank has informed 100 staff that their roles will be at risk as it streamlines the company by cutting costs and focusing on businesses that are more likely to boost growth, the FT reported, citing two people familiar with the discussions.

The potential layoffs represent about 3.4% of Metro Bank's total workforce.