Silicon Valley Bank Shut Down by California Regulator Holding Over $5 Billion for High-profile Crypto Capital
Silicon Valley Bank (SVB) closed by the California Financial Conduct Authority on March 10 after announcing a major sale of assets and stocks with the aim of raising additional capital. The California watchdog has designated the Federal Deposit Insurance Corporation (FDIC) as the recipient of insured deposit protection. However, the FDIC only insures up to $250,000 per depositor, per institution, and per ownership class. The bank held more than $5 billion in funds One of the major venture capital firms. Silicon Valley Bank is one of the 20 largest banks in the United States, providing banking services to cryptocurrency-friendly venture firms such as Sequoia Capital and Andreessen Horowitz.
USDC cancels trading with Circle confirming $3.3 billion remains stuck with Silicon Valley bank
(USDC) Issuer circuit confirmed That $3.3 billion of its $40 billion in reserves remains in a Silicon Valley bank, which triggered a sell-off that dropped the stablecoin below $1. The stablecoin ecosystem felt an immediate impact as USDC decoupled from the US dollar, with a major stablecoin Disengagement from the US dollar As a result, including DAI, USDD, and FRAX. The price of the US dollar slowly re-pegged late Saturday after turbulent trading hours. circle Plan to cover lost cash In SVB with corporate funds.
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