Project

Silicon Valley Bank

California commercial bank that collapsed March 10 2023 after a $42 billion withdrawal request in a single day. Federal Deposit Insurance Corporation seized the bank; the FDIC subsequently announced full backstop of deposits regardless of insurance cap.

Records: 1
Cumulative losses: $3.30B

Records featuring Silicon Valley Bank

enabler·March 10, 2023resolved
USDC Depeg — March 2023
When Silicon Valley Bank was seized by US regulators on 10 March, Circle disclosed $3.3 billion of USDC reserves were stuck at the bank — and USDC traded as low as $0.87 over the weekend before federal backstop assurances restored the peg.
$3.30B affected

Records featuring Silicon Valley Bank

USDC Depeg — March 2023