According to a Bloomberg report, Silicon Valley Bank (SVB) has companies like Circle and Sequoia Capital among the top depositors. Billions of dollars in deposits from companies such as Circle and Sequoia were covered by the Federal Deposit Insurance Corporation (FDIC), according to the documented report on the collapse of the SVB. After the collapse of the SVB, the Federal Reserve and the FDIC announced that they would protect insured and uninsured depositors. It is stated that Circle has deposits of approximately 3.3 billion dollars and Sequoia has approximately 1 billion dollars of deposits. The collapse of the SVB and the subsequent bankruptcy of Signature Bank prompted US regulators to consider deposit insurance. The Federal Reserve, the FDIC, and the Treasury Department consider SVB and Signature deposits to be covered by the systematic risk exemption and are looking to increase the insurance limit. With the collapse of the SVB, Circle confirmed that it had approximately $3.3 billion in risk with the bank and briefly stopped pegging USD Coin to the US dollar. But in June, stablecoin issuer Arbitrum announced plans to launch a native version of USDC on its network.