FDIC Backstops Billions in Deposits for Top Tech and VC Customers
TL;DR Summary
Circle, the issuer of USDC stablecoin, was the top depositor aided by a government-backed guarantee of Silicon Valley Bank (SVB), according to FDIC documents. The move reignited a debate over whether the government was effectively allowing financiers to take excessive risk. Circle briefly de-pegged from the dollar after SVB exposures were revealed in March, but its CEO said the company has strengthened its infrastructure since the incident.
- Circle Was Top Depositor Aided by SVB Government Rescue: Bloomberg CoinDesk
- Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits Bloomberg Technology
- FDIC Insured Billions In Deposits For Sequoia, Other Top SVB Customers Bloomberg
- Big VC, Tech Got Backstop for Billions Bloomberg
- Sequoia saved $1B, thanks to FDIC backstopping SVB deposits - Silicon Valley Business Journal The Business Journals
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