Share this article
Circle Was Top Depositor Aided by SVB Government Rescue: Bloomberg
The FDIC guarantee included over $3.3 billion the USDC stablecoin issuer held at the lender.
Jun 23, 2023, 2:19 p.m.
Make us preferred on Google
USDC stablecoin issuer Circle was the top depositor helped by a government-backed guarantee of Silicon Valley Bank, according to Federal Deposit Insurance Corporation (FDIC) documents seen by Bloomberg.
Regulators stepped in to protect creditors of the bank after it collapsed in March. They argued the move was needed to restore confidence and aid the economy, but reignited a debate over whether the government was effectively allowing financiers to take excessive risk.
STORY CONTINUES BELOW
Circle Internet Financial, which said at the time it had $3.3 billion in holdings at the bank, was followed in the list of top depositors by units of the bank itself, and then by tech-focused venture capital firm Sequoia with just over $1 billion, according to documents sent by the FDIC to Bloomberg under the Freedom of Information Act which were not redacted for commercially sensitive data, in an apparent mistake by the regulator.
After SVB exposures were revealed in March, Circle briefly de-pegged from the dollar before recovering. Its Chief Executive Officer Jeremy Allaire told the Consensus conference in April that the company has strengthened its infrastructure since the incident.
Sequoia, the FDIC and SVB’s parent company declined to comment on the document, Bloomberg reported. Circle did not immediately reply to CoinDesk’s request for comment.
Higit pang Para sa Iyo
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Higit pang Para sa Iyo
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
Ano ang dapat malaman:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
Top Stories
