$12.7 Billion Bailout: How the US Government Saved Silicon Valleys Wealthiest Depositors

By Lola Coin Jun 25, 202379Views

The Federal Deposit Insurance Corporation (FDIC) accidentally released an unredacted document revealing that the US government guaranteed the deposits of Silicon Valley Bank’s (SVB) top ten customers after its collapse earlier this year. The document was released following a Freedom of Information Act request from Bloomberg. The names of the firms that were bailed out, along with their total deposits, which exceeded the FDIC protection limit, were disclosed. Circle, the stablecoin issuer, was SVB’s largest depositor with $3.3 billion. Other notable firms on the list included Sequoia, Kanzhun Limited, Bill.com, Altos Labs, Marqeta, Roku, and IntraFi. In total, the US government backstopped SVB’s wealthiest depositors for over $12.75 billion during the banking crisis.

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