According to a post on March 11 by Bob Elliot, the chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of Silicon Valley Bank (SVB). Elliot claimed that “big banks [are] actively working on buying svb business,” the United States Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer, and that “50pct of uninsured paid out next wk.“
Cointelegraph reported earlier that Circle, the issuer of the USD Coin (USDC) stablecoin, had over $3.3 billion of its $40 billion reserves stuck in the troubled bank. In addition, SVB reportedly holds an estimated $5 billion in funds for prominent blockchain venture capital firms such as Andreessen Horowitz, Pantera Capital and Paradigm. Earlier today, USDC depegged from its one-to-one U.S. dollar peg to trade as low as $0.87 before slowly repegging to trade at $0.95 at the time of publication.