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Circle Was Top Depositor Helped by Government-Backed Guarantee of Silicon Valley Bank

June 23 (Cointime) - According to documents from the Federal Deposit Insurance Corporation (FDIC), Circle, the issuer of the USDC stablecoin, was the top depositor at Silicon Valley Bank with the help of a government-backed guarantee.

The bank collapsed in March and regulators intervened to protect creditors, sparking a debate over whether the government was enabling excessive risk-taking.

Circle was followed by units of the bank itself and venture capital firm Sequoia on the list of top depositors. After the exposure of SVB's risks, Circle briefly de-pegged from the dollar but has since strengthened its infrastructure, according to CEO Jeremy Allaire.

FDIC Circle Silicon Valley Bank
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