FINAL UPDATE: Should hopefully tide over this issue for the foreseeable future — FDIC, Fed & Treasury guarantee all deposits for SVB and Signature Bank

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

Latest news

FDIC has brought SVB under receivership

This is the system working as intended

Rippling used to run payroll via SVB but has made an accelerated switch to JPM; already in-progress payroll cycles are in limbo. UPDATE: follow instructions sent by Rippling

A primer to claim FDIC insurance

Crisis introduced by ~25% of SVB’s deposits being withdrawn in a single day

Circle has funds tied up at SVB which is (temporarily) affecting the USDC peg


No regret moves

<aside> 👇 Our playbook


Open a checking, savings, and treasury account with Mercury — you can apply in under 10 minutes here, and they’re working the weekend to improve SLAs