First Citizens Bank has entered into an agreement with the FDIC to acquire Silicon Valley Bank's assets and deposits. First Citizens will assume $72 billion of SVB's loans, along with $52 billion in deposits.
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Circle CEO Jeremy Allaire has stated that his firm may be able to recover all of the $3.3 billion stuck at Silicon Valley Bank. In case the recovery is delayed, Circle will back USDC using external capital if necessary, he added.
Silicon Valley Bank has been shut down by the California Department of Financial Protection and Innovation due to inadequate liquidity and insolvency. The bank's shares were halted earlier today after a 66% slump in premarket trading.
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