Signature Bank, in an email to clients from group director Joseph Seibert obtained by The Block, said it would adopt a per-client deposit cap of at most 2% of total bank deposits.

"Signature Bank will continue servicing clients in the digital asset industry, including stablecoin clients," Seibert said, citing "rapid deposit growth and the ongoing market volatility in the digital asset industry" for the change.

In a separate email to The Block in response to follow-up questions, Seibert said the cap would be $2 billion per client.