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.
Sam Bankman-fried was looking for Wall Street and Silicon Valley investors to bailout FTX hours before the acquisition deal with Binance
Dogecoin (DOGE) gained 10% earlier today after Elon Musk rebranded Twitter as X. The memecoin reached a 14-week high of $0.77.
Documents released by the Federal Deposit Insurance Corp (FDIC) revealed that Sequoia Capital and Circle were among the top depositors at Silicon Valley Bank. These high-profile clients were given backstops of up to $1 billion by the regulator.
Sotheby's has auctioned off seven NFTs of the Grails Collection seized from Three Arrows Capital (3AC) last year. The defunct crypto hedge fund's NFTs raked in almost $2.5 million.
Circle's CCTP allows for more secure USDC transfers between Ethereum and Avalanche by using a burn and mint mechanism instead of cross-chain bridges.