Stablecoin issuer Circle and enterprise capital agency Sequoia Capital had been reportedly among the many high 10 depositors of collapsed Silicon Valley Financial institution (SVB) in March.
Based on a June 23 report from Bloomberg, the Federal Deposit Insurance coverage Company (FDIC) offered paperwork suggesting Circle, Sequoia and others had been lined for multi-billion greenback deposits. The Federal Reserve introduced within the wake of the SVB collapse that it will work with the FDIC to make insured and uninsured depositors complete – in most conditions the FDIC solely insures as much as $250,000 per applicant.
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