Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March.
According to a June 23 report from Bloomberg, the Federal Deposit Insurance Corporation (FDIC) provided documents suggesting that Circle, Sequoia and others were covered for deposits in the billions of dollars. The Federal Reserve announced following the SVB collapse that it would work with the FDIC to make both insured and uninsured depositors whole — in most situations, the FDIC only insures up to $250,000 per depositor.
