Circle, aided by SVB government rescue, was top depositor Bloomberg.

USDC stablecoin issuer Circle was the top depositor helped by a government-backed guarantee of Silicon Valley Bank, according to Federal Deposit Insurance Corporation (FDIC) documents seen by Bloomberg.

The bank collapsed in March, and regulators intervened to protect its creditors. They argued that the move was necessary to restore confidence and aid the economy, but it reignited a debate over whether the government was effectively allowing financiers to take excessive risks.

Circle Internet Financial, which claimed to have $3.3 billion in holdings at the bank at the time, was the top depositor on the list, followed by units of the bank itself and tech-focused venture capital firm Sequoia with just over $1 billion, according to documents sent by the FDIC to Bloomberg under the Freedom of Information Act. The documents were not redacted for commercially sensitive data, apparently due to a mistake by the regulator.

After SVB’s exposures were revealed in March, Circle briefly de-pegged from the dollar before recovering. Its Chief Executive Officer, Jeremy Allaire, told the Consensus conference in April that the company has strengthened its infrastructure since the incident.

Sequoia, the FDIC, and SVB’s parent company declined to comment on the document, according to Bloomberg. Circle did not immediately respond to blockchain’s request for comment.

Edited by Nelson Wang.

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