The FDIC and the Fed are preparing a special vehicle to backstop deposits at banks that run into trouble following SVB's collapse. The Federal Reserve called an "expedited" closed-door meeting for Monday. Concerns about cryptocurrencies spread after Circle's USDC stablecoin, whose owner had $3.3 billion of deposits at SVB, lost its peg to the U.S. dollar. Of Silicon Valley Bank's $173 billion in deposits, $151.5 billion weren't covered above the FDIC's $250,000 insurance cap, according to Zerohedge. While his own SVB deposits are small enough to fall under the FDIC's limit, he knows of others who aren't insured, he told the publication.

Source: Wall Street Journal March 13, 2023 00:23 UTC