Stablecoin issuer Circle and enterprise capital agency Sequoia Capital have been reportedly among the many prime 10 depositors of crypto-friendly Silicon Valley Financial institution (SVB), which collapsed in March.

Bloomberg reported on June 23 that the Federal Deposit Insurance coverage Company (FDIC) provided Paperwork implying that Circle, Sequoia, and many others. are coated by billions of {dollars} in deposits. After the SVB chapter, the Federal Reserve introduced that it supposed to work with the FDIC to good each insured and uninsured depositors. Typically, the FDIC solely ensures as much as $250,000 per depositor.

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