According to a post Posted on March 11 by Bob Elliot, chief investment officer of unlimited funds, relief efforts could already be underway less than 72 hours after the failure of prominent US technology bank Silicon Valley Bank (SVB). Elliot stated, among many things, that “big banks are actively buying up svb businesses,” the US Federal Deposit Insurance Corporation (FDIC) plans to cover 95% of uninsured depositors by acquirer, and that “50pct of uninsured paid next week.”
Cointelegraph reported today that Circle, the issuer of stablecoin USD Coin (USDC), had more than $3.3 billion in reserves locked up at the troubled bank, out of a total of more than $40 billion. In addition, SVB would have guarded some 5,000 million dollars in funds for prominent venture capital firms such as a16z, Pantera Capital and Paradigm. Earlier today, the USDC unpegged from its one-to-one peg to the US dollar and traded as high as $0.87 per unit, before slowly unpegging again and trading at $0.95 at press time. this new.
This is breaking news and will be updated accordingly.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.
